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Universal Music Group’s board on May 29 unanimously rejected an unsolicited takeover proposal from Bill Ackman’s Pershing Square, saying the April 7 offer “fundamentally and materially undervalues UMG” and is not in the best interests of the company, its shareholders, artists, songwriters, employees or other stakeholders.
Pershing Square had proposed a cash-and-stock transaction valuing UMG at about €30.40 per share, roughly €55.7 billion (about $64–65 billion by published estimates). The board said it reached its decision after review with external financial and legal advisers and after hearing from major shareholders, including the Bolloré Group, which holds about 28% and publicly urged rejection days earlier.
UMG highlighted recent corporate moves to boost shareholder value — expanding a share buyback programme, plans to sell half its Spotify stake and commitments to enhanced financial disclosure — and reiterated plans to pursue a U.S. listing.
Ackman and Pershing Square, who were significant investors in UMG from 2021 and for a time had a board seat, did not immediately comment.
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🕰️ The Story So Far: An Evolving Timeline
Saturday, May 30, 2026 18:34 UTC
UMG Board Unanimously Rejects Ackman Takeover Bid
Wednesday, May 27, 2026 13:32 UTC
Universal Music Board Rejects Pershing Square Takeover Bid







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