Variety · entertainment
Bill Ackman’s Pershing Square Capital Unveils Takeover Bid for Universal Music Group
2 hours ago
Bill Ackman’s Pershing Square Capital submitted a $10.9 billion takeover bid for Universal Music Group on Tuesday, valuing the company at about $35 per share. Ackman cited UMG’s stock undervaluation and uncertainties surrounding its ownership structure as reasons for the offer, which represents a 78% premium over recent trading prices. UMG has not yet responded.
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Summary by Glance · Original reporting by Variety
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