Digital music group Believe, which is the subject of a takeover offer from a consortium of investors, announced this morning that it had received an expression of interest from another player.

Believe states that this 'exploratory, preliminary and non-binding' contact could, however, result in a more attractive offer for the company and its shareholders.

According to Believe, this party - whose name is being kept secret - could be in a position to offer a minimum of 17 euros for each share in the company.

The online music specialist stresses, however, that this approach does not constitute a formal offer at this stage.

For the record, investment funds TCV and EQT, in association with Denis Ladegaillerie, the digital music specialist's CEO, had announced last month their intention to initiate a takeover bid at a price of 15 euros per share.

Some analysts, however, had judged their proposal to be a little on the low side.

Stifel points out that the offer values Believe at 1.15x its expected sales for 2024, far from the multiples on which Spotify (2.6x), Warner Music (3.5x) or Universal Music (4.4x) are trading, even though the company is growing faster than the sector and its competitors.

Following this announcement, Believe shares were up by almost 6% on Friday morning on the Paris stock exchange. The share has gained almost 50% since the start of the year.

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