Apr 6, 2026 11:55pm PT

Bill Ackman’s Pershing Square Capital Unveils Takeover Bid for Universal Music Group

Offer from hedge fund giant values world's largest music company at about $35 a share

Cynthia Littleton

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Cynthia Littleton

Business Editor

@Variety_Cynthia

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Courtesy of Universal Music Group

Bill Ackman‘s Pershing Square Capital Management disclosed early Tuesday that a takeover bid for Universal Music Group has been submitted to UMG’s board. The offer includes about $10.9 billion in cash, plus additional stock that pushes the total consideration to about $35 a share.

Pershing Square said that UMG’s stock has been undervalued because of uncertainty around the company’s ownership structure and around UMG’s stake in Spotify, and by the company’s delay of its planned stock listing in the U.S. Ackman previously struck an agreement with the company last year to establish a secondary listing in the U.S. in addition to its primary home on the Euronext Amsterdam listing.

Bill Ackman's Pershing Square Capital Unveils Takeover Bid for Universal Music Group