UMG's board believes it has a "strong consensus" of investors behind its decision to reject Pershing's offer, following criticism of the bid aired by its largest shareholder, the head of Bolloré…
A view of the Universal Music Group (UMG) headquarters is seen on February 9, 2021 in Santa Monica, California.
VALERIE MACON/AFP via Getty Images
Universal Music Group (UMG) said on Friday (May 29) its board had reviewed Bill Ackman’s investment firm Pershing Square’s merger offer that would have moved UMG’s primary stock listing to a U.S.-based exchange, saying the April 7 bid “fundamentally and materially undervalues UMG and will not deliver superior value creation,” in a press release.
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