Universal Music Group Rejects Pershing Square’s $64-$65 Billion Takeover Offer

On 29 May 2026, Universal Music Group’s board of directors voted unanimously to reject Pershing Square Capital Management’s unsolicited $64-$65 billion takeover proposal. The board declared the offer “fundamentally and materially undervalues UMG” and fails to provide superior value for shareholders, artists, songwriters, employees and other stakeholders.

Universal Music rejects Bill Ackman’s $64B takeover bid

Bill Ackman bought a 10 % stake in UMG in 2021 and joined its board, resigning in May 2025. He says the Amsterdam listing and opaque capital-allocation plan depress the share price. The April 7 proposal would merge UMG with Pershing Square SPARC Holdings and move the listing to New York.

Forbes

The bid valued UMG at €55.8 billion ($64-$65 billion), offering €9.4 billion cash and 0.77 new shares per existing share—a 78 % premium to the €30.40 price on 2 April. UMG’s share price is €19.50, down 11 % YTD. Revenue and EBITDA have risen 60 % and 70 % since the 2021 IPO; market share reached 33 % in 2025 and publishing 24 %.

Billboard

Rejecting the offer preserves UMG’s independence, letting the board continue a €1 billion share-buyback expansion, monetize half its Spotify equity (?$1.4 billion), and increase financial disclosure. A U.S. listing could broaden the investor base but also bring new regulatory scrutiny and spur consolidation in the global music market and the broader entertainment ecosystem.

The Wrap

Sherry Lansing, chair of the UMG board, said the company “has built an unrivalled position in the music industry.” Advisors included Citi and law firms. The board highlighted a €1 billion buy-back and a Spotify-stake sale. Bill Ackman said the deal would fix pricing issues tied to Amsterdam listing.

Variety Magazine

Cyrille Bolloré, CEO of the Bolloré Group, urged UMG’s management to reject the bid, calling the price “not there at all” and emphasizing that the offer used “our money, the company’s money,” not Ackman’s capital. He warned the valuation fell short of UMG’s recent performance.

Universal Music rejects Bill Ackman’s $64B takeover bid

Sources differ on valuation: Variety cites $64 billion, The Wrap $64.4 billion, Forbes $65 billion. Cash is reported as €9.4 billion or $10.87 billion. Pershing Square declined comment, leaving terms unconfirmed.

UMG Board Rejects Pershing Square Bid

• “UMG has built an unrivaled position in the music industry through clear vision and strong execution,” — Sherry Lansing, Chair, Universal Music Group Board

The Wrap

• “I encourage the management of Universal Music to reject it,” — Cyrille Bolloré, CEO, Bolloré Group

Universal Music rejects Bill Ackman’s $64B takeover bid

• “Since UMG’s listing, [chairman-CEO] Sir Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” — Bill Ackman, Founder & CEO, Pershing Square Capital Management

Variety Magazine

• “We remain committed to leading the industry by attracting the world’s top talent, deepening fan engagement globally, and driving innovation.” — Lucian Grainge, Chairman & CEO, Universal Music Group

The Wrap

• “Without Bolloré, we don’t have a transaction,” — Bill Ackman, Founder & CEO, Pershing Square Capital Management

Universal Music rejects Bill Ackman’s $64B takeover bid

UMG plans to finalize its expanded €1 billion buy-back, complete the Spotify-stake sale, and file enhanced financial disclosures in the coming quarters, while monitoring shareholder sentiment ahead of its next annual general meeting.

The Wrap