Universal Music Rejects Bill Ackman’s $64.3 Billion Takeover Bid

Universal Music rejects billionaire Bill Ackman’s $65bn takeover bid

Universal Music’s board has rejected billionaire Bill Ackman’s takeover proposal, arguing it “materially undervalues” the company and is ultimately not in the best interest of shareholders or artists. The company’s board unanimously rejected the $65bn (£48.3bn) proposal from Ackman’s Pershing Square Capital on Friday, as it offered to buy the world’s largest record company last month. Pershing Square proposed a cash and stock offer through its a…

Universal Music Rejects Bill Ackman’s $64.3 Billion Takeover Bid

Universal Music Group (UMG) has rejected a takeover bid from billionaire investor Bill Ackman’s Pershing Square, saying the offer significantly undervalued the company.

Morning briefing: Universal Music rejects Pershing Square's £48bn bid; Sirius Real Estate builds Berlin self-storage store; JPMorgan Japanese trails value rally; SOHO fund manager Adrian D'Enrico leaves Atrato; GRIO board changes; Litigation Capital warni

Universal Music Group (UMG) has rejected the $64.3bn (£48bn) takeover offer made by Bill Ackman’s Pershing Square Capital Management two months ago. The US-focused but Euronext Amsterdam listed business said on Friday evening that Pershing Square’s proposed merger with its New York listed special purpose vehicle SPARC Holdings was “not in the best interests” of […]