Bill Ackman‘s Pershing Square is reportedly set to sell around 80.6 million shares in Universal Music Group.
According to Bloomberg, the move would see Pershing Square exit its position in UMG via an overnight placing.
The news comes days after Universal Music Group‘s board officially rejected a takeover proposal from Ackman and Pershing Square.
UMG‘s Board of Directors said on Friday (May 29) that it had unanimously determined the proposal was “not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders”.
The board added that it had rejected the proposal “because it fundamentally and materially undervalues UMG and will not deliver superior value creation”.
Sherry Lansing, Chairman of the Board at UMG, said: “UMG has built an unrivalled position in the music industry through clear vision and strong execution.”
Now, Pershing Square – via Bank of America – is marketing its UMG shares at a range that, at its upper end, could raise around EUR €1.5 billion, according to Bloomberg.
Pershing Square‘s non-binding takeover proposal, unveiled in April, valued UMG at approximately €55.8 billion ($64.4 billion).
At the time, Ackman said UMG‘s stock price had “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”.
The plan would have merged UMG with Pershing Square SPARC Holdings, with the combined company incorporating in Nevada and shifting its primary listing from Euronext Amsterdam to the New York Stock Exchange.
The Bolloré Group, UMG‘s largest single shareholder, last week urged the music firm’s board to reject the offer, with Cyrille Bolloré telling his company’s annual shareholders meeting that “the price is not there at all”.
“He is not making an offer with his own money,” Bolloré added. “It is our money, the company’s money.”
The Bolloré Group controls 28% of UMG via a direct stake in the music company plus its holding in Vivendi.
Pershing Square first acquired approximately 10% of UMG from Vivendi in the summer of 2021 for approximately $4 billion.
That holding still stood at 10.25% at the end of 2023, according to UMG‘s annual report.
In January 2025, Pershing Square distributed 47 million UMG shares – equivalent to 2.6% of the company – to co-investors as one of its funds was wound down.
After that distribution, it held 140 million shares, or 7.6% of UMG.
Pershing Square then sold around 50 million more shares – a 2.7% stake – for around $1.4 billion in March 2025.
With Pershing’s stake falling below 5%, Ackman resigned from UMG‘s board in May 2025, citing “new executive and board obligations arising from his recent investments”.Music Business Worldwide
