New Delhi, April 7 -- American billionaire Bill Ackman's Pershing Square has proposed a $64 billion deal to merge Universal Music Group (UMG) with its investment fund to revive the labels valuation with a listing in the United States, as per a Reuters report.

UMG, which houses international artists including Billie Eilish, Drake and Taylor Swift, would have shares valued at 78% premium, near 30.40 euros each, compared to last close price of 17.10 euros, following Pershing Square's cash-and-shares offer. It makes the deal worth 55.75 billion euros ($64.31 billion), Reuters calculated.

UMG declined to respond to Reuters queries. The Amsterdam-listed label's shares rose 12% today, while top shareholder Bollore Group climbed 7%.

"The offer...