(Reuters) -Warner Music Group said it planned to make a bid of at least 17 euros ($18.52) per share for Believe, valuing the French digital music company at 1.65 billion euros and topping an earlier takeover offer from a consortium.
The U.S. music label’s planned bid tops the 15 euros per share offer from a consortium made up of Believe’s largest shareholders that valued the company at around 1.52 billion euros.
The consortium’s offer was also backed by the company’s board of directors.
Believe’s shares rose about 6% to hit a more than two-year high after Warner’s offer on Thursday.
Warner’s proposed offer represents a premium of 9.5% over Believe’s last closing price of 15.52 euros on March 6.
Warner Music said that it was awaiting some due diligence information before submitting a formal proposal to acquire the French digital music company.
($1 = 0.9179 euros)
(Reporting by Gursimran Kaur in Bengaluru; Editing by Rashmi Aich)
