Cyrille Bolloré, chair and CEO of the Bolloré Group and a major shareholder in Universal Music Group (UMG), urges UMG management to reject Bill Ackman’s $64 billion offer from Pershing Square. Speaking at the Bolloré Group’s AGM in Paris, Bolloré says the bid undervalues UMG and argues that the proposal does not reflect an appropriate “price.” He also questions whether Ackman’s management style and approach would fit the company.
Multiple reports describe Bolloré’s stance as a significant development in Pershing Square’s attempt to take UMG private, which follows weeks of campaigning around the unsolicited, non-binding offer. UMG’s board later rejects the proposal, stating it unanimously determined the offer was unsolicited and non-binding and that it does not warrant action.
Across outlets, the key points are that Ackman’s bid is framed as an unsolicited take-private proposal, Bolloré—holding about one-third of UMG—publicly encourages rejection, and UMG ultimately declines the offer via board action.
