Increase in the price of the public buyout Offer followed by a squeeze-out on Believe’s shares filed by Upbeat BidCo.

Core Viewpoint - Upbeat BidCo has increased its public buyout offer for Believe to 17.20 euros per share, which reflects significant premiums over the average share prices in recent months, and the Board of Directors has issued a favorable opinion on this offer [2][4][9]. Group 1: Offer Details - The initial public buyout offer was filed at a price of 15.30 euros per share, which has now been increased to 17.20 euros per share [2]. - The new offer price represents premiums of +12.6%, +13.1%, +17.5%, and +17.6% compared to the volume-weighted average prices over the last 30, 60, 120, and 180 days as of June 2, 2025 [2][9]. - The independent expert concluded that the increased offer price of 17.20 euros per share is fair from a financial perspective [3][9]. Group 2: Board of Directors' Opinion - The Board of Directors of Believe unanimously issued a favorable reasoned opinion on the proposed offer, recommending that shareholders tender their shares [4][9]. - The Board considered the increased offer to be in the interests of minority shareholders, providing them with immediate liquidity at the new price [5][9]. - The Board also noted that the offer would benefit the company and its employees by allowing it to continue its development plan without altering its business model or human resources policies [5]. Group 3: Documentation and Compliance - Draft documents reflecting the increased offer price and the Board's opinion will be filed with the AMF and made available on Believe's website [6]. - The main elements of the draft offer document will be communicated through a press release in accordance with AMF regulations [7].