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Digital music group Believe gets takeover offer of 15 euros per share

PARIS (Reuters) - French digital music company Believe said it had received a 15 euros per share offer from a consortium made up of some of its largest shareholders to take over the company, in a deal valuing it at around 1.52 billion euros ($1.64 billion).

Reuters had previously reported in January that Believe was examining the possibility of such a buyout offer.

The consortium, made up of U.S. investment firm TCV, Swedish priate equity group EQT and Denis Ladegaillerie - the Chairman and CEO of Believe - would buy 71.92% of Paris-based Believe and then make a full offer for the remaining shares, the company said on Monday.

It added that Believe's board of directors backed the offer, which represents a premium of 21% over the last closing price and a premium of 43.8% and 52.2% respectively over the volume-weighted 30 and 120-day average share prices.

The tender offer is expected to be filed with France's AMF stock market regulator during the second quarter of 2024.

Believe said it was reiterating its 2023 outlook for organic growth of 14% and adjusted EBITDA margin slightly above 5.5%.

($1 = 0.9270 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)