WASHINGTON, April 7 (Bernama-dpa) -- United States (US) investor Bill Ackman wants to take over the world’s largest music company, Universal Music Group (UMG), for around €56 billion (US$65 billion), his investment firm Pershing Square said on Tuesday, reported German Press Agency (dpa).
Pershing Square has submitted a takeover offer for Universal Music, which has corporate headquarters in the Netherlands.
The company has a broad roster of artists under contract, including stars such as Taylor Swift, Lady Gaga and Billie Eilish.
Universal is one of the three major music labels worldwide, alongside Warner Music and Sony Music.
Pershing Square’s offer includes a combination of a cash component and new UMG shares.
Overall, this would imply a valuation of around €30.40 (US$35.08) per share.
UMG is currently trading at just under €19 (about US$22). Based on the closing price on April 2, the offer represents a premium of 78 per cent.
The activist investor Ackman founded Pershing Square in 2004 and runs the firm.
The company holds stakes in several major US businesses, including Universal Music as well as Uber, Amazon and Alphabet.
-- BERNAMA-dpa
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