Updated
Updated · Bloomberg · Jun 3
Pershing Square Sells 80.6 Million Universal Music Shares for Up to €1.5 Billion After Bid Rebuff
Updated
Updated · Bloomberg · Jun 3

Pershing Square Sells 80.6 Million Universal Music Shares for Up to €1.5 Billion After Bid Rebuff

3 articles · Updated · Bloomberg · Jun 3

Summary

  • 80.6 million Universal Music shares are being sold by Pershing Square in an overnight placing, marking Bill Ackman’s move to exit the stake days after the company rejected his takeover approach.
  • Bank of America is marketing the block at €17.66 to €18.62 a share, a range that would generate about €1.5 billion in proceeds at the top end.
  • The sale follows Universal Music’s refusal of Ackman’s bid, turning a failed takeover attempt into a full disposal of the hedge fund’s holding.
  • The move closes a brief escalation between Pershing Square and the Amsterdam-listed music group, shifting the story from acquisition ambitions to a large secondary share sale.

Insights

With a failed takeover and a fresh $5B war chest, who is Bill Ackman's next big target?
Did UMG's board prove Ackman right by rejecting his bid but adopting his financial playbook?