UMG rejects Bill Ackman’s takeover offer.
Ackman, through his Pershing Square hedge fund, had offered in April to take over UMG in a deal valuing the music giant at around €55 billion. But UMG says that the offer “fundamentally and materially undervalues UMG and will not deliver superior value creation.” [Link: Universal Music Group N.V. Board of Directors Declines Unsolicited Pershing Square Proposal |
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