Ackman’s Pershing Square offers $64B to buy Universal Music Group
AP News • • general
Key Points:
- Activist investor Bill Ackman’s Pershing Square Capital Management has proposed a $64 billion cash-and-stock acquisition of Universal Music Group, aiming to merge it with Pershing Square SPARC Holdings.
- The new entity would be based in Nevada, with plans to shift Universal Music’s stock listing from Amsterdam to the New York Stock Exchange.
- Universal Music shareholders would receive 9.4 billion euros in cash and 0.77 shares of the new company per Universal share, valuing the deal at approximately 30.40 euros ($35.12) per share.
- Ackman highlighted that Universal Music’s stock price has been impacted by issues unrelated to its music business performance, which the transaction aims to address.
- The deal is expected to close by the end of the year, and Universal Music’s shares rose more than 10% in Amsterdam trading following the announcement.
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