Believe’s board of directors on Monday (Mar. 25) asked Warner Music Group (WMG) to submit a formal bid for the French music company after stating that French financial regulators found an offer by a group that includes Believe CEO Denis Ladegaillerie violated certain securities rules. WMG said earlier this month that it approached Believe in February with a non-binding offer to combine the two companies at a price of “at least” 17 euros ($18.60) per share. It now has until Apr. 7 to “submit a binding, unconditional and fully financed offer,” according to a statement from Believe’s board. R
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