Topline
Universal Music Group announced on Friday that it has rejected a $65 billion acquisition proposal from Bill Ackman’s Pershing Square Capital, stating that the offer undervalues the company, a position also expressed by its largest shareholder backed by billionaire investors.
The offer “fundamentally and materially undervalues” the company, UMG’s board said.
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Key Facts
The UMG board concluded after reviewing Pershing Square’s proposal that it fundamentally and materially undervalues the company and would not generate superior value creation.
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