2024-11-10 00:49:31 :
(Bloomberg) — Universal Music Group fired back at billionaire Bill Ackman, saying his Pershing Square fund has no authority to require the company to register in the U.S. or delist from Euronext Amsterdam.
Ackman said in a Friday post on The billionaire fund manager is also seeking board approval to delist Pershing Square Holdings from Euronext Amsterdam, saying this week’s anti-Semitic attacks on Israeli fans in the city provided a “turning point.”
“We were made aware yesterday of Bill Ackman’s post on X regarding Pershing Square and UMG,” UMG said in a statement Saturday. “Neither UMG nor any other board member was involved in formulating the views expressed in the post ”
UMG noted in a statement that Persing has the right to request a U.S. listing, but as part of the listing, Persing entities must sell at least $500 million of UMG stock. UMG said it will work to comply with its contractual obligations for a U.S. listing.
It added that any action or decision would be based on “an analysis that takes into account what is maximizing value and what is in the best interests of all shareholders of the company.”
UMG shares rose 4.2% on Friday after Ackman’s remarks. It closed up 2% at 23.71 euros per share, giving the company a market value of 43.4 billion euros ($46.5 billion).
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