Universal Music Rejects Pershing Square's $64.3 Billion Bid, Promises More Financial Disclosure
Updated
Updated · BBC.com · May 29
Universal Music Rejects Pershing Square's $64.3 Billion Bid, Promises More Financial Disclosure
4 articles · Updated · BBC.com · May 29
Universal Music Group said Bill Ackman's Pershing Square takeover offer was not in the best interests of shareholders, artists, fans and other stakeholders, and materially undervalued the company.
The $64.3 billion bid, launched in April, would have moved the world's largest music company toward a new U.S.-listed structure from its current Euronext Amsterdam listing.
Universal's board backed chief executive Lucian Grainge and said it would provide enhanced financial disclosures so investors can better assess the business and its long-term value.
Ackman had argued Universal's shares had languished for reasons unrelated to its music operations, citing Bollore Group's 18% stake and a delayed New York listing; Bollore also opposed the offer as too low.
The rejection lands as music revenues keep rising on streaming, even as the industry faces pressure over royalty payouts and AI-generated deepfake tracks flooding platforms.
As streaming revenues boom and AI looms, what does the failed UMG deal reveal about the true value of music?
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