ENXTAM:UMGEntertainment
Universal Music Rebuffs Bid As Board Backs Higher Long Term Value
Universal Music Group (ENXTAM:UMG) has rejected an acquisition proposal from Pershing Square Capital Management.
The offer aimed to acquire the remaining stake in UMG and list the combined company in the U.S.
UMG’s Board unanimously turned down the bid, stating it significantly undervalued the company and was not in shareholders’ best interests.
Universal Music Group, the rights holder behind a wide roster of artists and song catalogues, sits at the center of recorded music, publishing, and...