Bill Ackman’s Pershing Square said Tuesday it plans to buy universal music group In a cash and stock deal.
Under the terms of the transaction, UMG will form a new merged company with Pershing Square and be listed on the New York Stock Exchange, which is expected to close by the end of the year.
“Since UMG’s listing, Sir Lucian Grainge and the company’s management have done an excellent job of building a world-class artist roster and continuing strong commercial performance,” Pershing Square CEO Bill Ackman said in a Tuesday statement.
“However, UMG’s share price has declined due to a combination of issues that are unrelated to the performance of its music business and, importantly, all of them can be addressed with this transaction.”
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