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Bill Ackman's Pershing Square proposes $64 billion cash and stock takeover of Universal Music Group, seeking New York listing.
Pershing Square proposed a $64 billion cash and stock takeover of Universal Music Group.
KEY POINTS
- The offer includes moving UMG's stock listing from Amsterdam to New York as a Nevada corporation.
- UMG shareholders would receive 9.4 billion euros in cash plus 0.77 shares in the new company per share held.
- Ackman proposes adding Michael Ovitz as board chair and two Pershing Square representatives to UMG's board.
- Bollore family controls 80% of UMG's voting rights, making their approval critical for the transaction.
COMPANIES
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