Universal Music Group N.V. Board of Directors Declines Unsolicited Pershing Square Proposal

Universal Music Group’s Board Rejects Pershing Square Offer: ‘It Fundamentally Undervalues UMG’

Universal Music Group's board rejected Pershing Square's merger offer, valuing UMG at as little as $43B — below its 2021 IPO valuation — after its largest shareholder Bolloré (28% stake) publicly opposed the bid. UMG countered with a €1B share buyback doubling and Spotify stake sale, signaling it will pursue shareholder value independently rather than via a U.S. re-listing pushed by Ackman since 2024.