Universal Music's Board Rejects Pershing Square Offer
Universal Music Group’s board has turned down an unsolicited cash-and-stock takeover proposal from Bill Ackman’s Pershing Square, concluding the bid undervalues the company and would not create superior value for stakeholders. Pershing Square had earlier valued UMG at about €30.40 per share in a transaction worth roughly €55.75 billion. UMG is expe…