Believe’s new shareholding structure is taking shape.
The company confirmed today (June 24) 94.99% Its share capital is now owned by a consortium including EQTX, TCV, and believe in the founder Denis Radgallery.
this radgeller consortium supply 15 euros per share In its takeover bid; believable Public shareholders have until Friday (June 21) to accept or reject the takeover bid.
Radegayeri Consortium Previously obtained 71.92% believe through “Block Acquisition” Existing shareholders calculate this price: 59.46% from TCV Luxco BD S.à rl., Wentek and XAnge; plus Ladegaillerie’s 12.5% bet.
in total, loading shop and cooperation Now obtained 95,664,105 shares The cost is 1.43 billion euros (About US$1.54 billion at current exchange rates).
In other words, the two parties of the new consortium——loading shop and TCV——Effectively acquired shares from itself through a “collective acquisition”.
this rad gallery consortium bid believable The total share capital is approximately €1.51 billion ($1.62 billion).
EQT It has previously stated that through its shares held radgeller consortiumis expected to be “Invested 30-35%” believe; it means EQTX Owns approximately one-third of the equity of the consortium (“Upbeat Bidco”).
Negotiating the acquisition of 94.99% equity of the consortium believable share, Denis Radgallery Today said: “Following our friendly takeover bid, the consortium currently holds 95% of Believe’s capital.
“Our shareholders have achieved a real success with their overwhelming decision to sell their shares to the offer! With the enhanced financial flexibility and proven expertise of the consortium members, the group is now well-positioned to achieve our collective objectives : believe A global leader in independent music, servicing artists and labels worldwide.
An interesting quirk of the new ownership structure (as you can see above): it leaves 5.01% Shares on Euronext’s open market are “free-floating”.
According to Euronext’s FAQs (see below), the stock exchange requires each company to have a floated share capital of at least 5% of their company (as long as 5% worth more than 5 million euros).
In other words, it looks like at least possible That 5.01% of public shareholders No accepted loading shop and the company’s offer of €15 per share may still be allowed to continue to hold/trade its shares on Euronext Paris.
Consistent with this new shareholding structure Wentek Following the sale of all shares of Believe, the company’s board of directors has undergone some changes.
Joining the Believe Board of Directors as a representative of EQT X is Andrew Fisher.
Fisher is the company’s former CEO Shazampart of what Believe calls Fisher’s “extensive experience in the music industry.”
Fisher-Price Approval from Believe’s board of directors will be put to a vote at the company’s annual shareholder meeting in 2025 next year.
The Believe Board of Directors also appointed two observers, Michael Cafayan (TCV General Partner) and Nicholas Bruegel (EQT Partner, Head of France and Benelux).
Earlier this year, Warner Music Group made a failed bid to acquire Believe for $1.8 billion.
Warner Bros. considered making a Over 17 euros per share Offered to acquire Believe, but decided not to do so in April.
Ladegaillerie’s consortium originally launched a takeover bid for Believe in February.
global music business
