Universal Music receives takeover offer from Bill Ackman’s Pershing Square
Billionaire claims world’s biggest music company has suffered due to postponement of US listing
Billionaire Bill Ackman’s hedge fund has offered to buy Universal Music Group (UMG) in a deal that values the world’s biggest music company at more than €50bn (£44bn).
Pershing Square, the New-York based hedge fund, has offered to buy the business, which is home to artists including Taylor Swift and Elton John, in a cash and stock deal.
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