Ackman's Pershing Square to Exit Universal Music Stake
Pershing Square is looking to sell its 4.7% stake in Universal Music Group through an overnight placing after its takeover bid was rejected. The move follows a valuation dispute with major shareholders and the board over the firm's long-term strategy.
Bill Ackman's Pershing Square is seeking to sell its 4.7% stake in UNIVERSAL MUSIC GROUP NV through an overnight share placement on June 3. The move follows UMG's rejection of a €55.75 billion takeover proposal from the billionaire investor. Pershing Square is marketing the 80.6 million shares after UMG leadership determined the bid undervalued the entity.
### Overnight Placement Details Pershing Square will sell approximately 80.6 million shares in an overnight placing, Bloomberg News reported on June 3. BANK OF AMERICA CORP is marketing the shares between €17.66 and €18.62 apiece. The sale represents Ackman's entire holding, valued at roughly $1.64 billion based on LSEG data.
