Bolloré Group Chair Urges UMG to Reject Ackman's $64.4 Billion Offer, Citing Undervaluation

Summary

Cyrille Bolloré, Chair and CEO of the Bolloré Group, has publicly urged Universal Music Group (UMG) management to reject a $64.4 billion acquisition offer from Bill Ackman's Pershing Square. Speaking at the Bolloré Group AGM in Paris, Bolloré stated the offer undervalues UMG and questioned whether Ackman's management style aligns with the music group. The Bolloré Group holds significant influence through its 18.4% direct stake in UMG and an additional indirect stake via Vivendi, giving it veto power over the deal.