Universal Music Group Officially Rejects Pershing’s $64B Takeover Bid

Universal Music Group (UMG) has officially rejected the unsolicited and non-binding proposal it received from Pershing Square Capital Management on April 7, 2026, stating it “is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders.”

The reason:

• In a statement UMG said its Board of Directors rejected the offer “because it fundamentally and materially undervalues UMG and will not deliver superior value creation.”

• The statement adds that there was “strong consensus” among shareholders and other stakeholders supporting the decision.

• Last week UMG’s largest shareholder, the Bolloré Group, urged the company to reject the offer.

The proposal:

• Pershing Square’s non-binding proposal valued UMG at approximately €55.8 billion ($64.4 billion), or €30.40 per share.

• Shareholders would have received €9.4 billion in cash and 0.77 shares of new stock for each UMG share held, as per Music Business Worldwide.

• The plan would have merged UMG with Pershing Square SPARC Holdings, reincorporated the combined company in Nevada, and moved its primary listing from Euronext Amsterdam to the New York State Exchange.

What they said:

• Sherry Lansing, Chairman of the Board, UMG: “UMG has built an unrivalled position in the music industry through clear vision and strong execution. The Board has full confidence in Sir Lucian [Grainge, UMG Chairman and CEO] and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”