Bill Ackman’s Pershing Square Holdings is selling its remaining stake in Universal Music Group following the rejection of its acquisition offer last week.
Pershing Square is unloading all 80.6 million shares, equal to a 4.7 percent holding, at a marketed price of 17.66 to 18.62 euros per share. The sale could raise up to 1.5 billion euros. The move follows UMG’s board decision to reject a non-binding bid valued at more than 55.55 billion euros. The board stated that the offer fundamentally undervalues the company. Cyrille Bolloré, whose Bolloré Group is UMG’s largest shareholder, had urged rejection of the deal. UMG shares fell slightly in after-hours trading on June 3.
