Billionaire investor Ackman makes $64bn bid for Universal Music Group
Al Jazeera·2h ago·Neutral
What Happened
Billionaire investor Bill Ackman's Pershing Square proposed a $64 billion takeover of Universal Music Group on Tuesday. The offer values UMG at 30.40 euros per share, a 78 percent premium to the closing price. UMG manages artists including Taylor Swift, Billie Eilish, and Kendrick Lamar. Ackman seeks board changes and plans to move UMG's listing to New York from Amsterdam. He needs approval from major shareholders Bollore Group and Vivendi.
Key Entities
Bill AckmanPershing SquareUniversal Music GroupBollore GroupVivendiLucian GraingeMichael Ovitz