00:00Pershing Square, the activist investment firm led by Bill Ackman has proposed acquiring Universal Music Group in a cash and
00:08stock deal valued at roughly $64.4 billion, offering shareholders a 78% premium of UMG's early April share price.
00:18The deal would merge UMG with Pershing Square and shift its primary listing from Amsterdam's Euronext to the New York
00:25Stock Exchange, something Ackman has long advocated for.
00:28Ackman cited UMG's stock underperformance down 13% this year as driven by fixable issues like uncertainty around a major
00:37shareholder stake and poor investor communications, not the strength of its music business.
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