Universal Music Board Unanimously Rejects Pershing Square Takeover Bid, Says ‘It Fundamentally and Materially Undervalues UMG’

As expected, Universal Music Group’s board has formally rejected Pershing Square’s $64 billion takeover proposal after being urged to do so by Bolloré Group. We covered Bolloré Group’s clear-cut opposition to the bid earlier this week, when CEO Cyrille Bolloré criticized key elements (among them price and control particulars) of the offer during his own […]