The bid led by Denis Ladegaillerie for Believe has acquired more than 85% of the shares, it may get more by the end of this week.

A consortium led by Denis Ladegaillerie, founder and CEO of Believe, acquired more than 85% of the company’s shares in its takeover bid.

This boosts the consortium’s attempt to take Believe private.

In reviewing the market on Friday (June 140, the consortium, Upbeat BidCohe said he had won 85.04% of Believe’s share capital and 73.27% of its voting rights through agreements and a simplified public tender.

The offer allows the remaining shareholders to sell their shares at 15 Euros ($16) per share until the end of this week (June 21). It also leaves a free float of Believe at 14.96% of the allocated budget.

Finally 85% of controlled shares, Upbeat BidCo. could force remaining shareholders to sell through a “squeeze” process at the end of the offering.

Although the consortium – which includes investment firms EQT and TCV – has said it does not intend to pursue this option, the decision could have consequences for the remaining shares. Because less than 15% Believe shares will be publicly traded after the closing of the offering, traders may choose to delist them from certain indices.

“The fact that the free float represents less than 15% of the capital stock should lead to Believe shares being delisted soon from certain stock market indices that Believe is currently a part of.”

Upbeat BidCo

“The fact that the free float represents less than 15% of the capital stock should lead to the immediate removal of Believe shares from certain stock market indices that Believe is currently a part of,” the consortium said.

French-headquartered Believe is listed on Euronext Paris from 2021 after expanding 300 million euros ($321 million). It started to float 14.35% of its equity through the IPO.

The development follows a months-long tussle over competing bids Warner Music Group fall through. Warner had thought of doing a EUR17-per share-plus ask to get Believe but decided not to pursue it in April.

Ladegaillerie’s consortium made its bid for Believe in February. For the team €15 per share the donation represents a 21% a premium to Believe’s closing price on February 9, and is highly valued by the company 100% pole at €1.523 billion (USD $1.63 billion).

Before the competitive bid from Warner, Upbeat BidCo was already secured acquisition agreements 71.92% of Believe to existing shareholders: 59.46% from TCV Luxco BD S.à rl., Ventech again I didn’t; and Ladegaillerie’s 12.5% a pole.

Believe is a digital music company that provides a range of services to help artists grow their audiences and careers, from distribution and promotion to technology and expertise.

“Believe that you have an important future opportunity to consolidate the independent music market and create the first independent platform in the world, where it helps musicians at all stages of their career,” said Denis Ladegaillerie, founder, Chairman and CEO of Believe, in February.

“In achieving this ambition, I am pleased to continue to benefit from the active support of TCV which has accompanied Believe since 2014 and the partnership with EQT in Europe which has a good track record in supporting successful growth companies.”

Music Business Worldwide