Bill Ackman’s investment firm, Pershing Square, has tabled a non-binding offer to acquire Universal Music Group (UMG.AS) for $64 billion. Made through its acquisition vehicle, the proposal aims to move the music giant from its current Amsterdam listing to New York. Universal Music Group is the world’s largest music label. It manages a vast catalogue of artists and recordings. This offer represents a 78% premium over UMG’s previous closing price, reigniting long-standing discussions regarding its stock exchange domicile.
The bid follows years of efforts by Ackman to list UMG in the United States. Pershing Square first acquired a 10% stake in UMG from Vivendi for around $4 billion in June 2021, months before UMG shares began trading on the Amsterdam bourse after its spin-off. The firm later established SPARC Holdings in September 2023, an acquisition vehicle akin to a Special Purpose Acquisition Company, signalling its intent to pursue business combination opportunities.
The push for a U.S. listing intensified in November 2024, with Ackman aiming to eliminate Pershing’s Amsterdam listing and initiate talks for UMG’s move. UMG disputed Ackman’s contractual right. However, in January 2025, Ackman reduced his stake to 7.48%, confirming Pershing would sell $500 million in shares, triggering UMG’s obligation for a U.S. secondary listing. Ackman resigned from UMG’s board in May 2025, followed by Cyrille Bolloré in July 2025. Despite these efforts, UMG paused its U.S. listing plans in March 2026, citing market conditions leading to undervaluation.
