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.