The Universal Music Group board has rejected a $64 billion takeover bid from Bill Ackman’s Pershing Square, saying it is 'not in [its ]best interests'

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…