1 month ago
Bill Ackman’s Pershing Square has submitted a bid to bargain Universal Music Group (UMG) successful a rate and banal woody worthy $64.4 billion.
The projected bid would spot shareholders person $10.85 cardinal successful rate and 0.77 shares of banal successful nan caller institution for each stock of UMG held.
In a connection this morning, Ackman praised nan capacity of Universal nether CEO Lucian Grainge but based on that nan patient has “languished” successful caller years.
“Since UMG’s listing, Sir Lucian Grainge and nan company’s guidance person done an fantabulous occupation nurturing and continuing to build a world-class creator roster and generating beardown business performance,” he said.
“However, UMG’s banal value has languished owed to a operation of issues that are unrelated to nan capacity of its euphony business, and importantly, each of them tin beryllium addressed pinch this transaction.”
UMG has been listed successful Amsterdam since 2021. The company’s shares person dropped 23% truthful acold this year, according to reporting by CNBC. Ackman blamed its mediocre stock value capacity partially connected nan hold of UMG’s listing successful nan United States.
Ackman launched Pershing Square successful 2004. The money antecedently acquired a 10% liking successful UMG successful 2021.
Universal Music has yet to respond. The explanation is location to artists specified arsenic Taylor Swift, Drake, and Kendrick Lamar.
