India, May 29 -- Universal Music Group N.V. (UMG.AS, UNVGY,UMGNF), the Dutch-American music-based entertainment company, announced that its Board of Directors has unanimously determined that the unsolicited and non-binding proposal received from Pershing Square Capital Management, L.P. on April 7, 2026, is not in the best interests of UMG, its shareholders, artists, songwriters, employees, and other stakeholders. The Board rejected the proposal on the grounds that it fundamentally and materially undervalues UMG and would not deliver superior value creation.
UMG recently initiated and expanded its share buyback program, announced plans to monetize half of its equity stake in Spotify, and committed to providing enhanced financial disclosure ...