UMG Says Bill Ackman Can’t Require It to Delist From Euronext

(Bloomberg) — Universal Music Group NV pushed back against billionaire Bill Ackman, saying his Pershing Square fund doesn’t have any right to require the company to become US domiciled or to delist from Euronext Amsterdam.

Ackman said in a post on X Friday that he had begun a conversation with UMG to move its domicile and listing, saying that his fund has a “contractual right” to cause UMG to be listed in the US. The billionaire fund manager is also seeking board approval to delist Pershing Square Holdings from the Euronext Amsterdam, saying that this week’s antisemitic attacks on Israeli football fans in the city provided a “tipping point.”  

“We have taken note of Bill Ackman’s post in relation to Pershing Square and UMG on X yesterday,” UMG said in a statement Saturday. “Neither UMG nor any of its other board members were involved in the formulation of the views in that post.”

In its statement, UMG noted that Pershing has the right to request a listing in the US, subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing. The company will endeavor to comply with its contractual obligations with respect to a US listing, UMG said.

It added that any actions or decision will be based on “an analysis taking into account what is value maximizing and in the best interests of all the shareholders of the company.”

UMG shares jumped as much as 4.2% Friday following Ackman’s post. It closed 2% higher at €23.71 apiece, giving the company a market value of €43.4 billion ($46.5 billion). 

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