Bill Ackman’s Pershing Square is selling its entire stake in Universal Music Group (UMG).
The firm is offloading approximately 80.6 million shares through an overnight placement. Bank of America is managing the transaction.
This exit follows the UMG board’s unanimous rejection of an unsolicited takeover bid in late May. The board valued the rejected cash-and-stock offer at approximately €55.75 billion.
Directors stated the proposal materially undervalued the company and its stakeholders. The sale concludes Ackman’s multi-year investment in the music organization.