Universal Music Group Rejects Pershing Square Bid
Universal Music Group (UMG) has formally declined an unsolicited offer from Pershing Square Capital Management, received on April 7, 2026. The company stated the proposal “is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders.”
The Board of Directors determined the offer to be insufficient, explaining that it “fundamentally and materially undervalues UMG and will not deliver superior value creation.” A consensus of support for the decision was reported among shareholders and other stakeholders.
Prior to the official rejection, UMG’s largest shareholder, the Bolloré Group, had encouraged the company to decline the bid.
Pershing Square’s proposal assigned an approximate value of €55.8 billion ($64.4 billion) to UMG, equating to €30.40 per share.
The offer included a distribution of €9.4 billion in cash and 0.77 shares of new stock for each UMG share held.
The proposal involved a merger between UMG and Pershing Square SPARC Holdings, a reincorporation of the combined entity in Nevada, and a transfer of the primary stock listing from Euronext Amsterdam to the New York Stock Exchange.
Sherry Lansing, Chairman of the Board at UMG, stated: “UMG has built an unrivalled position in the music industry through clear vision and strong execution. The Board has full confidence in Sir Lucian [Grainge, UMG Chairman and CEO] and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”
