UMG has purchased 14 million of Pershing Square's shares for a total consideration of around $290 million.
CEO and Portfolio Manager Pershing Square Capital Management L.P. William Ackman
Bryan Bedder/Getty Images for The New York Times
Universal Music Group (UMG) said on Thursday (June 4) it repurchased 14.1 million of shares of its stock following moves by Bill Ackman‘s Pershing Square to offload the investment firm’s entire 80-million share stake in UMG after the record company’s board rejected Pershing’s offer to take over the company.
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