Vincent Bolloré has formally rejected Bill Ackman’s $64bn Pershing Square offer for Universal Music Group, ending the largest music-industry take-private bid in history.

The Bolloré Group, a major shareholder in Universal Music Group, urged the record label to reject Bill Ackman’s $64 billion bid, saying it undervalues the company.

PARIS, May 27 : Cyrille Bollore, chief executive of the Bollore Group, said on Wednesday he was urging Universal Music Group's management to reject Bill Ackman's takeover…