Bill Ackman

Bill Ackman’s Pershing Square Holdings is selling its remaining stake in Universal Music Group following the rejection of its acquisition offer last week.

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Pershing Square Capital Management has made a non-binding offer to acquire Universal Music Group, with headlines citing a $64 billion valuation but details revealing a more modest cash component. The proposal allows shareholders to choose between cash or a mix of cash and new shares. Music investors and executives view the bid as an attempt to take control on the cheap.