PS News & Events

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Universal Music Group (UMGNF) announced that it has repurchased 14,156,285 of its ordinary shares as part of the disposition of the entire position owned by various Pershing Square (PS) funds. The company acquired the shares at a price per share of EUR 17.66 for a total consideration of approximately EUR 250M. The repurchase was executed outside of the company's existing EUR 500M share buyback program but pursuant to the previously announced additional EUR 500M share repurchase authorization of the board of directors of the company as granted at the UMG annual general meeting of shareholders held on May 13. The company intends to use the repurchased shares to meet its obligations under the 2022 Universal Music Group Global Equity Plan, and subplans thereof, and/or to reduce the share capital of the company. The maximum number of shares that can be used for purposes of the equity plan will remain unchanged.

Bill Ackman's Pershing Square is looking to sell its stake in Universal Music Group days after the group rejected a takeover bid. Pershing will sell roughly 80.6M shares in an overnight placing, according to a statement referenced by Bloomberg. Bank of America is marketing the shares at a range of EUR 17.66 to EUR 18.62 each, according to terms seen by Bloomberg. Ackman had proposed acquiring the group at a valuation of about EUR 56B, but Universal rejected the proposal last week saying the bid "fundamentally and materially undervalues UMG and will not deliver superior value creation."