00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Ballaray Group urged Universal Music Group to reject a $65 billion takeover bid
00:08from Bill Ackman's Pershing Square Capital, saying the offer undervalues the record label,
00:13according to the Wall Street Journal. Cyril Ballor, chief executive of Ballor Group,
00:18made the remarks at Universal's annual general meeting on Wednesday.
00:22Pershing Square offered 30.40 euros, a share in a cash and stock deal valuing Universal
00:29stock, outstanding at 55.89 billion euros or $65.01 billion. The Ballor family controls roughly
00:3818.5% of Universal's shares and nearly 40% of voting rights. Pershing is seeking to merge
00:44Universal with Pershing Square's Spark Holdings and shift its listing from Amsterdam to the New York
00:50Stock Exchange. Universal Music Group represents some of the world's most successful artists,
00:55including Lady Gaga, Taylor Swift, Billie Eilish, and the Beatles. Universal shares in Amsterdam
01:01are down nearly 30% over the past 12 months. For all things money, visit Benzinga.com.
Comments