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Pershing Square Launches Takeover Offer for Universal Music, Shares Surge 10%
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Pershing Square, the US hedge fund led by activist investor Bill Ackman, announced on Tuesday a proposed merger plan to acquire Universal Music Group, stating that the companys shares are undervalued. Universal Musics shares rose nearly 10% on the Amsterdam Stock Exchange. Pershing Square has offered Universal shareholders a cash-and-stock consideration of EUR30.4 per share, valuing the company which represents top artists including Taylor Swift, The Weeknd and Lady Gaga at approximately EUR55 billion. In a statement, Pershing Square said it has submitted the proposal to Universals board and aims to complete the transaction by the end of 2026. Following a merger with the acquisition vehicle Pershing Square SPARC Holdings, the combined entity will be listed on the New York Stock Exchange. (to/s) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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