New Delhi, April 7 -- Bill Ackman's Pershing Square said on Tuesday it proposed to buy Universal Music Group in a cash-and-stock deal worth about 55.75 billion euros ($64.31 billion).

The deal value is based on Reuters calculations.

Pershing Square said its offer estimates Universal Music at about 30.4 euros per share.

Universal Music's shares last closed at 17.1 euros.

Published by HT Digital Content Services with permission from MINT....