Universal Music targeted in takeover bid by hedge fund Pershing Square

News Source : CBS News

News Summary

American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger.
The merged company would boast a stable of top artists including Taylor Swift, The Weeknd, Lady Gaga, Billie Eilish and Drake.
The company pointed to uncertainty about French conglomerate Bollore's plans for its 18 percent stake in Universal, delay in listing on the U.S. stock market, and "underutilization of UMG's balance sheet"

American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger, saying it believed the worlds biggest m [+1263 chars]

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