Universal Music Repurchases $290.5 Million in Shares from Bill Ackman's Pershing Square After Rejected Takeover
By
Andrew Flanagan
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Summary
Universal Music Group is repurchasing over 14.2 million shares from Bill Ackman's Pershing Square for approximately $290.5 million (€250 million), as part of the fund's complete unwinding of its position in the company. This follows Universal Music's rejection of a takeover proposal from Pershing Square. Universal Music's stock dropped 3.25% on the news, and Pershing still has 80.6 million shares remaining to unload.
Key quotes
· 3 pulledFresh off of rejecting a takeover proposal from capital fund Pershing Square, Universal Music has announced it is repurchasing a sizable portion of its stock back from the company founded and operated by billionaire investor Bill Ackman.
The world's largest record company will repurchase over 14.2 million shares from Pershing, worth about $290.5 million (€250 million), as part of the fund's complete unwinding of its position in Universal Music.
Universal Music's stock is down 3.25% today.
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