Universal Music Rejects Pershing Square Takeover Bid
Universal Music Group rejected a 55.75 billion euro takeover bid from Bill Ackman's Pershing Square. The board said the offer materially undervalues the firm.
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UNIVERSAL MUSIC GROUP NV rejected a €55.75 billion ($65.03 billion) unsolicited takeover proposal from Bill Ackman's Pershing Square on Friday. The cash-and-stock offer valued the label at €30.40 per share. The move preserves UMG's independence as it prepares to shift its listing to New York.
