Ackman offers €55B for Universal Music Group

Billionaire investor Bill Ackman, acting through Pershing Square Capital Management, said on Tuesday that he has made a proposal to acquire Universal Music Group (UMG) for about €55 billion ($64 billion) and move the company’s main stock market listing from Europe to the United States.

The proposal, dated April 7, 2026, is framed as an attempt to address what Pershing Square described as UMG’s undervalued share performance by shifting the primary listing from Amsterdam to New York. Pershing Square said the offer implies a value roughly 78% above UMG’s trading price at the end of the previous week.

Pershing Square outlined a cash-and-stock merger structure involving a blank-check company it created. Under the plan, that vehicle would later incorporate in Nevada, according to the proposal’s description.

The cash portion of the offer is valued at about €9.4 billion. Pershing Square said it expects to finance that cash component partly with €5.4 billion in debt and €1.5 billion from the sale of UMG’s stake in Spotify.

Pershing Square linked UMG’s weaker stock performance to its European listing and to uncertainty tied to the Bolloré Group’s 18% stake. The firm also pointed to its own history with the company, noting it previously held a stake in UMG valued at $40 billion in 2021.

On governance, Ackman proposed keeping Lucian Grainge as UMG’s chief executive. The plan also calls for a board refresh, with Michael Ovitz named as chair and two Pershing Square representatives joining the board.

The proposal sets out conditions for completion, including approval from two-thirds of UMG shareholders and Grainge remaining in the top role. Pershing Square said the transaction could close by the end of 2026 if those requirements are met.

In market reaction, UMG shares rose about 12% in early trading on Tuesday after the announcement.