00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bill Ackman's Pershing Square is selling its remaining stake in Universal Music Group
00:06after Universal rejected a $65 billion takeover bid from a Pershing Square investment vehicle.
00:12The company's board said the bid undervalued Universal,
00:15which counts Taylor Swift, Kendrick Lamar, and Billie Eilish among its artists.
00:20Pershing Square holds about 80.6 million Universal shares worth over $1.5 billion,
00:26according to a Bank of America sales document.
00:28The firm expects at least $600 million in profits, including dividends, on the nearly five-year investment.
00:35Ackman first invested in Universal in 2021 through a proposed SPAC deal
00:41to acquire a 10% stake from Vivendi, then backed off after regulatory pushback.
00:46Pershing Square sold $1.4 billion of Universal stock at 26 euros and 55 cents per share last year.
00:53For all things money, visit Benzinga.com.
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