"Ackman noted that Universal's share price has 'languished' and expressed optimism that the buyout could unlock value and improve performance."
"'Since UMG's listing, Sir Lucian Grainge and the company's management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance.'"
"'However, UMG's stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.'"
Pershing Square Capital Management has made a buyout offer for Universal Music Group, valuing it at approximately €55 billion. The proposal includes cash and stock, merging Universal with a SPAC created by Pershing Square. Universal manages renowned assets like Abbey Road Studios and labels such as EMI. Shareholders would receive $5.05 in cash and 0.77 SPAC shares for each Universal share. Bill Ackman believes the buyout could enhance Universal's stock performance, which has been affected by unrelated issues despite strong business results.
Read at London Business News | Londonlovesbusiness.com
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