Bill Ackman made a $64 billion bid for Universal Music Group (UMG) in April 2026, offering a mix of cash and stock and proposing to shift UMG’s main listing from Amsterdam to the U.S. to boost liquidity and attract institutional investors [1, 2].
Ackman valued UMG at about €55.8 billion ($64.4 billion), or €30.40 per share, representing a 78% premium over the company’s closing share price on April 2, 2026 [1, 3, 2].
Ackman’s bid includes $2.9 billion in cash from his hedge fund Pershing Square, $6.2 billion in debt financing, and $1.7 billion raised from selling UMG’s Spotify shares [2]. Pershing Square currently owns around 4.5% of UMG, while Bolloré Group owns about 18% and Vivendi 13% [2].
On May 27, 2026, Cyrille Bolloré, CEO of the Bolloré Group and a major UMG shareholder, publicly called on UMG’s management to reject Ackman’s offer [1, 3, 2]. Bolloré criticized the price as too low, saying, “We think the price is not there at all. He is not making an offer with his own money. It is our money, the company’s money” [1].
He also questioned Ackman’s compatibility with UMG’s existing management style, describing Ackman as “more abrupt, faster” and adding, “I am not sure he is compatible with the management of this company” [1]. Bolloré reiterated his view that the price is “absolutely not high enough” and criticized the use of company funds as part of the offer [2].
Ackman initially showed interest in UMG in 2021, aiming to acquire a 10% stake via SPAC before building his position through Pershing Square [2].
UMG’s management and board will now consider Ackman’s $64 billion proposal amid significant shareholder opposition from Bolloré. A formal decision or response from UMG’s board is expected in the coming weeks [1, 2].
