New York City–based Pershing Square Capital, the investment firm led by billionaire investor Bill Ackman, has made a bid for Dutch-American Universal Music Group (UMG), which is headquartered in both Santa Monica, California, and Hilversum, the Netherlands. The offer was promptly rejected.
UMG, which represents some of the biggest names in the music industry and controls an extensive catalog of recorded music and publishing rights, is largely owned by the family of French businessman Vincent Bolloré through their holdings in the Bolloré Group and Vivendi, as well as by China’s Tencent Holdings.
Pershing Square valued UMG at $65.01 billion in its bid for the music giant, prompting Cyrille Bolloré, CEO of the Bolloré Group, to reject the offer. (His brother, Yannick Bolloré, serves as CEO of Vivendi.)
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