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Headline : Believe’s board backs takeover bid from Denis Ladegaillerie-led consortium

Read more from the original article on here at www.musicbusinessworldwide.com.




Tags : #believes #board #backs #takeover #bid #denis #ladegaillerieled #consortium


No. of Paragraph 22

The sale of Believe to a consortium led by its founder and CEO, Denis Ladegaillerie, has been given the green light by the company’s board of directors, paving the way for the consortium to take majority control of the company.

The news comes roughly two weeks after Warner Music Group’s announcement that it’s no longer interested in making a competing bid for the France-headquartered digital music company.

The Ladegaillerie-led consortium says the board’s decision means all the conditions have been met for their majority acquisition of Believe to go forward. Believe expects the consortium to file its official offer “in the coming days.”

Believe’s board of directors – excluding those who are involved in the consortium, or have already agreed to sell their shares to the consortium – voted unanimously to offer a “favorable opinion” of the offer, as it’s “in the interest of the company, its shareholders and its employees,” the company said in a statement issued on Friday (April 19).

Read more from the original article on here at www.musicbusinessworldwide.com.


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