Universal Music Group (UMG) rejects a takeover bid from Bill Ackman, according to multiple reports. UMG’s board of directors says the proposal “fundamentally and materially undervalues” the company and is “not in the best interests” of UMG, its shareholders, artists, songwriters, employees, and other stakeholders. The bid is described in coverage as a roughly $64 billion to $65 billion offer, with different outlets citing slightly different totals. Following the rejection, UMG indicates its board believes the terms do not reflect the value of the business or the interests of the broader group connected to UMG’s operations and creative stakeholders. The decision is presented as a direct response to the proposed acquisition and includes the board’s valuation concern as the core reason for declining the offer. The reports do not describe any agreed next steps or alternative terms, focusing instead on UMG’s formal statement that the bid should not proceed under the proposed pricing and structure.