The Bolloré Group has rejected Bill Ackman's bid to purchase Universal Music Group.
Bolloré Group controls roughly one third of Universal Music, with Ackman's proposed bid for the company hinging on their approval.
By
Ariel King
Cyrille Bolloré, CEO of the Bolloré Group, recommended that Universal Group’s management reject Bill Ackman’s bid to purchase UMG, according to Reuters.
“We think the price is not there at all,” Bolloré said during the shareholders’ annual meeting. “He is not making an offer with his own money. It is our money, the company’s money.”
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