Universal Music Group issued a brief statement Monday addressing Bill Ackman‘s proposal to acquire the record company, stating that the company’s board of directors and advisors “will review the proposal in accordance with its fiduciary duties and analyze its implications for shareholders, employees, artists, songwriters and other stakeholders.”
“The Board of Directors has complete confidence in UMG’s strategy and the leadership of Sir Lucian Grainge and the Company’s management team,” the company said. “UMG will have no further comment on the proposal until the Board of Directors completes its review.”
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Ackman’s Pershing Square Capital Management had unveiled its proposal late Monday, in a takeover bid worth about $63 billion. Ackman argued UMG’s stock is undervalued despite its status as the world’s largest music company, citing several factors including a delay to get UMG listed on the U.S. stock market (the company is
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