Universal Music Buys Back Shares from Pershing Square
Universal Music Group has repurchased over 14 million shares from Bill Ackman's Pershing Square for approximately 250 million euros following a rejected 64 billion dollar bid. The transaction marks the end of a five-year relationship between the hedge fund manager and the music label.
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UNIVERSAL MUSIC GROUP NV repurchased 14 million shares for €250 million ($290.6 million) from Bill Ackman’s Pershing Square following a failed $64 billion takeover bid. The buyback occurred as Pershing Square liquidated its entire 4.7% stake through an overnight placing. This divestment ends a five-year relationship that soured after the board rejected Ackman’s unsolicited valuation.
