Jun. 3 at 8:14 PM
Bill Ackman’s Pershing Square is seeking to sell its stake in Universal Music Group, according to Bloomberg News, just days after the music company rejected Pershing’s takeover proposal. The fund plans to sell about 80.6 million shares through an overnight offering, with Bank of America marketing the shares at €17.66 to €18.62 each.
Pershing had proposed a cash-and-stock acquisition of Universal Music in April, valuing the company at roughly €55.8 billion. However, Universal rejected the offer last week, saying it significantly undervalued the business and was not in the best interests of shareholders, artists, or the company.
Universal Music, home to artists including Taylor Swift, Billie Eilish, and Kendrick Lamar, remains one of the world's largest music companies.
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