Brief: Universal Music Group Board Declines Unsolicited Pershing Square Proposal

Pershing Square Holdings

29/05/2026 19:40

May 29 (Reuters) - Universal Music Group NV UMG.AS:
UNIVERSAL MUSIC GROUP N.V. BOARD OF DIRECTORS DECLINES UNSOLICITED PERSHING SQUARE PROPOSAL
BOARD SAYS PERSHING SQUARE PROPOSAL FUNDAMENTALLY UNDERVALUES UNIVERSAL MUSIC GROUP
REJECTED PERSHING SQUARE PROPOSAL BECAUSE IT FUNDAMENTALLY AND MATERIALLY UNDERVALUES UMG AND WILL NOT DELIVER SUPERIOR VALUE CREATION.
BOARD HEARD FROM MANY OF UMG'S SHAREHOLDERS AND OTHER STAKEHOLDERS AND BELIEVES THERE IS A STRONG CONSENSUS SUPPORTING BOARD'S DECISION
DETERMINED THAT UNSOLICITED AND NON-BINDING PROPOSAL FROM PERSHING SQUARE IS NOT IN BEST INTERESTS OF UMG, ITS SHAREHOLDERS, ARTISTS, SONGWRITERS, EMPLOYEES AND OTHER STAKEHOLDERS.
CHAIRMAN: BOARD HAS FULL CONFIDENCE IN SIR LUCIAN GRAINGE AND HIS TEAM'S ABILITY TO DELIVER SUSTAINABLE GROWTH AND CONTINUED VALUE CREATION FOR ALL STAKEHOLDERS
CEO GRAINGE:  LOOK FORWARD TO PROVIDING SHAREHOLDERS WITH GREATER INSIGHT INTO DRIVERS OF OUR PERFORMANCE AND FUTURE DIRECTION OF OUR BUSINESS
Further company coverage: UMG.AS