Story perspectives

Pershing Square Exits UMG, Raises €1.5B Post-Bid Rejection

6/4/2026

Summary

Story summary

Pershing Square sold 80.6 million Universal Music Group shares after the board rejected activist investor Bill Ackman's takeover bid.
The placing was marketed at €17.66-€18.62 per share, potentially raising €1.5 billion.
Bolloré Group, with 18 % equity and 40 % rights, urged rejection.
Pershing Square expects at least $600 million profit, from its five-year investment.
Universal Music Group bought back 14.1 million shares for €250 million, after which its share price fell 6-7 % extending a near-20 % decline.

History

Historical Context

Carl Icahn’s 2004 acquisition of a large Time Warner stake continued his activist legacy that began with a 1978 Tappan takeover yielding $2.7 million profit. A similar push to reshape media ownership emerged when Comcast pursued a $45.2 billion stock-swap acquisition of Time Warner Cable in 2014, only to abandon the deal in April 2015 after antitrust challenges.

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Story summary

Pershing Square sold 80.6 million Universal Music Group shares after the board rejected activist investor Bill Ackman's takeover bid.
The placing was marketed at €17.66-€18.62 per share, potentially raising €1.5 billion.
Bolloré Group, with 18 % equity and 40 % rights, urged rejection.
Pershing Square expects at least $600 million profit, from its five-year investment.
Universal Music Group bought back 14.1 million shares for €250 million, after which its share price fell 6-7 % extending a near-20 % decline.

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