Bill Ackman proposes buying Universal Music Group for €56B

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April 7, 2026, 8:31 AM

• •Pershing Square's non-binding offer values UMG at €30.40 per share, a 78% premium.
• •The deal includes cash and stock, with New UMG listing on the NYSE.
• •Ackman cites structural issues, including the Bolloré Group's stake, as factors undervaluing UMG.
• •The deal would involve Pershing Square SPARC Holdings and potentially add the company to the S&P 500 index.

Pershing Square, led by Bill Ackman, has proposed a non-binding acquisition of Universal Music Group (UMG), valuing the company at €30.40 per share. This represents a 78% premium over the last closing price. The deal, estimated at €55.75 billion, would involve cash and stock, with UMG shareholders receiving cash and shares in a new entity, New UMG. Ackman believes that the deal addresses structural issues, not the underlying business performance, and aims to list New UMG on the NYSE, potentially gaining S&P 500 inclusion.

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