Universal Music Rejects Buyout

Universal Music Group (UMG) has officially declined an unsolicited $64 billion takeover bid from Bill Ackman's Pershing Square Capital.

The UMG board determined that the offer 'fundamentally and materially' undervalued the company and was not in the best interests of its shareholders and artists.

Ackman had argued that moving the company's listing from Amsterdam to New York would unlock significant value.

However, UMG's largest shareholders, including the Bolloré Group, voiced strong opposition to the proposal, leading to its unanimous rejection.