Topline
Universal Music Group on Friday rejected a $65 billion takeover offer from Bill Ackman’s Pershing Square Capital, arguing the bid “undervalues” the music giant, following opposition from its largest billionaire-backed shareholder.
The offer “fundamentally and materially undervalues” the company, UMG’s board said.
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Key Facts
UMG’s board of directors said it evaluated Pershing Square’s offer and determined it “fundamentally and materially undervalues UMG and will not deliver superior value creation.”
This is a developing story.
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