Universal Music rises after Pershing Square's non-binding bid

Pershing Square Holdings

07/04/2026 09:16

Corrects typographical error in the name of Pershing Square in 2nd bullet

** Shares of Universal Music Group UMG.AS rise 12% after investment firm Pershing Square PSHP.L submitted a non-binding proposal to buy all outstanding shares of the Dutch company

** Pershing Square says the cash-and-stock proposal values UMG at 30.40 euros per share, a 78% premium to its last closing price of 17.1 euros

** ING analysts say the bid exposes shareholder frustrations over issues such as Bolloré Group's BOLL.PA 18% stake in the company, the delayed U.S. listing and weak investor relations

** They note the offer is non-binding and "might well fail", but it "has the merit of raising valid questions and making the case for dramatic changes"

** Including Tuesday's rise, the stock has dropped by 13.8% YTD

 (Reporting by Jerome Terroy)

 ((jerome.terroy@thomsonreuters.com))