Bill Ackman to Sell Remainder of UMG Stock After Pershing Square’s Failed Acquisition Bid

The move comes less than a week after UMG's board declined the hedge fund investor's offer.

CEO and Portfolio Manager Pershing Square Capital Management L.P. William Ackman speaks at The New York Times DealBook Conference at Jazz at Lincoln Center on November 10, 2016 in New York City.

Bryan Bedder/Getty Images for The New York Times

Bill Ackman‘s Pershing Square Holdings is unloading the remainder of its shares in Universal Music Group (UMG) following its failed bid to acquire the music giant last week.

According to documents obtained by Billboard, Pershing Square is selling all of its 80.6 million shares in UMG — representing a 4.70% stake in the music giant — at a price marketed between 17.66 euros ($20.48) and 18.62 euros ($21.59). The transaction could bring in around 1.5 billion euros ($1.74 billion) at the high end of that range. Bloomberg was first to report news of the sale.