Warner Music Group Drops Plans to Acquire French Music Company Believe

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Warner Music Group,Believe,Acquisition

Warner Music Group (WMG) has announced that it will not be submitting a binding offer to acquire French music company Believe. WMG had approached Believe in February with a non-binding offer, but decided to drop its plans just a day before the deadline to submit a binding offer.

announced over the weekend that it has called off plans to submit a binding offer to acquire French music companyBelieve followed up in a statement, saying it will “review the situation with all interested parties to determine next steps in relation to the possible evolution of the company’s control.

WMG said earlier that it approached Believe in February with a non-binding offer to combine the two companies at a price of “at least” 17 euros per share. Believe then gave WMG until Sunday, April 7 to “submit a binding, unconditional and fully financed offer.” Warner dropped out a day before the deadline.

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