Universal rejects billionaire Bill Ackman's takeover bid
Universal Music Group has rejected a $64.3 billion takeover bid from billionaire Bill Ackman's investment firm, Pershing Square. The company stated that the offer does not align with the best interests of its stakeholders and undervalues the business. Universal's board expressed confidence in its current strategy and plans to enhance financial disclosures for better valuation understanding.
- ▪Universal Music Group rejected a $64.3 billion takeover bid from Bill Ackman's Pershing Square.
- ▪The company stated the offer was not in the best interests of stakeholders and undervalued the business.
- ▪Universal's board expressed confidence in its strategy and plans to improve financial disclosures.
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Universal rejects billionaire Bill Ackman's takeover bid 5 minutes agoShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterGetty ImagesTaylor Swift is one of the music artists signed to Universal Music Group Universal Music Group, the entertainment giant behind acts such as Taylor Swift, Sabrina Carpenter and Kendrick Lamar, has rejected a takeover offer by billionaire Bill Ackman's investment firm.The music giant said Pershing Square's $64.3bn (£48bn) takeover offer was "not in the best interests" of the company, shareholders, artists, fans and other stakeholders.Universal said the offer "fundamentally and materially undervalues" the business, which also runs Abbey Road Studios and owns labels such as EMI and Island Records.Pershing Square, which already owns a stake in…
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