Universal Music Group Rejects $65 Billion Buyout Offer From Bill Ackman

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.

Cyrille Bollore, chief executive of the Bollore Group, has publicly urged Universal Music Group's management to reject a takeover proposal from billionaire investor Bill Ackman

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

The offer “fundamentally and materially undervalues” the company, UMG’s board said.

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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'

UMG's board of directors said Friday the proposal "is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders."

Ackman, through his Pershing Square hedge fund, had offered in April to take over UMG in a deal valuing the music giant at around €55 billion. But UMG says that the offer…

Universal Music Group Rejects $65 Billion Buyout Offer From Bill Ackman

Universal Music Group Rejects $65 Billion Buyout Offer From Bill Ackman

Universal Music's board has rejected billionaire Bill Ackman's takeover proposal, arguing it "materially undervalues" the company