Universal Music Rejects Bill Ackman’s $64.3 Billion Takeover Bid

Universal Music Group (UMG) has rejected a takeover bid from billionaire investor Bill Ackman’s Pershing Square, saying the offer significantly undervalued the company, Archie Mitchell reported for BBC News.

Universal Music Group has rejected a takeover proposal from Bill Ackman’s Pershing Square. (Photo: Bill Ackman Facebook)

UMG, home to artists including Taylor Swift, Sabrina Carpenter, and Kendrick Lamar, said Pershing Square’s reported $64.3 billion offer was “not in the best interests” of the company, its shareholders, artists, and stakeholders.

The company argued the proposal materially undervalued its business, which includes music labels such as EMI and Island Records, as well as Abbey Road Studios.

Pershing Square, which already owns a stake in Universal, declined to comment publicly.

Ackman launched the bid in April, saying he intended to revive Universal’s share performance and arguing that structural issues — including ownership concentration and listing decisions — had weighed on valuation.