business / news / / The Economic Times
Bill Ackman's Pershing Square has proposed a deal to merge Universal Music Group with its investment fund.
Pershing Square proposed merging Universal Music Group with its fund and listing in the United States.
KEY POINTS
- The offer values UMG at €30.40 per share, a 78% premium over its last closing price.
- Michael Ovitz, ex-Disney president, would become board chairman if the deal proceeds.
- UMG shareholders would receive €9.4 billion in cash and 0.77 shares in the new entity per share held.
- The proposal could force UMG management changes and challenge their emerging markets growth strategy.
COMPANIES
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