business / news / / The Economic Times
Bill Ackman's Pershing Square proposed a deal on Tuesday to merge Universal Music Group with its investment fund.
Pershing Square proposed merging Universal Music Group with its investment fund for a US listing.
KEY POINTS
- The offer values UMG at 30.40 euros per share, a 78% premium over last close.
- Michael Ovitz would become board chairman with two Pershing representatives joining UMG's board.
- UMG shareholders would receive 9.4 billion euros cash and 0.77 shares in the new company per share.
COMPANIES
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