The consortium acquiring French music company Believe increased its holdings to 94.99% of share equity at the conclusion of the tender offer, the company announced Monday (June 25). That marks a nearly 10% increase from the 85.
04% of shares the consortium held a week earlier. Led by CEO Denis Ladegaillerie , who founded Believe in 2005 to take advantage of the rapidly evolving digital music business, the consortium purchased 19.6 million shares at 15.
00 euros ($16.10) per share during the offer, which ran from June 3 to June 21. Combined with blocks of shares previously acquired from investors, the consortium now holds 95.
6 million of the 100.7 million shares outstanding. The free float — shares owned by minority investors — is 5.
01%. The consortium, which also includes major shareholders EQT and TCV, commands 106.5 million of 113 million — 94.
29% — of Believe’s voting rights. While the consortium does not plan on executing a mandatory squeeze-out for shares not tendered by minority shareholders, because the free float — shares not held by insiders that can be publicly traded — has fallen under 15%, Believe will be de-listed from some stock indexes. Also on Monday, Believe announced the appointment of Andrew Fisher , a new director representing EQT, after venture capital firm Ventech sold its shares to the consortium and lost a director.
Fisher’s ratification will go to a vote in the 2024 annual general meeting. The board additionally appointed two observers: .