Universal Music Group announced that it has repurchased 250 million euros in its own shares from Pershing Square, manager of billionaire Bill Ackman, thus ending its position in the largest music company in the world after two unsuccessful acquisition attempts.
The record label, which brings together artists such as Taylor Swift and Billie Eilish, reported this Thursday (4) that it had acquired 14.2 million shares at 17.66 euros each, with an 8% discount compared to the closing price of Wednesday, 3. The operation was carried out as part of the 500 million euro buyback program already underway, according to the company.
According to the The Wall Street JournalPershing Square sold a stake valued at well over $1.5 billion and is expected to make at least $600 million in profit.
The move comes shortly after Universal Music rejected the approximately US$65 billion purchase proposal presented by Ackman, which faced opposition from the group’s largest shareholder, the French conglomerate Bolloré.
Source: www.noticiasaominuto.com.br
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