Bolloré CEO Cyrille Bolloré is encouraging Universal Music Group to reject Bill Ackman‘s $64 billion acquisition proposal, arguing that the billionaire investor’s offer undervalues the company.
According to Reuters, Bolloré, whose company is the largest shareholder in UMG, said during the company’s markets day that “the price is not there at all.”
“He is not making an offer with his own money,” Bolloré, who stepped down from UMG’s board of directors last year, said. “It is our money, the company’s money.
“I encourage the management of Universal Music to reject it,” Bolloré continued. “As far as I am concerned, it is as if it has been rejected.”
Reps for Ackman and Pershing Square didn’t respond to request for comment.
