Cyrille Bollore urged Universal Music Group to reject Bill Ackman's $64 billion takeover bid as undervalued.

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 : Bollore CEO Cyrille Bollore on Wednesday urged Universal Music Group to reject Bill Ackman's takeover proposal, saying the offer undervalued the label, relied on…