The proposal offers shareholders '9.4bn, equivalent to approximately $10.8bn, alongside shares in a newly listed entity, valuing the business at '30.40 per share, a 78% premium to its last closing price. As part of the proposal, approximately 17% of Universal Music's shares would be cancelled, while governance changes would include the appointment of Michael Ovitz as chairman alongside Pershing Square representatives. 'UMG's stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction,' said Bill Ackman, CEO of Pershing Square. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today.
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