Statement From Universal Music Group N.V.

Universal Music Group (UMG) has responded to Bill Ackman's recent social media post regarding Pershing Square and UMG.

Rhea-AI Summary

Universal Music Group (UMG) has responded to Bill Ackman's recent social media post regarding Pershing Square and UMG. The company clarified that neither UMG nor its board members were involved in formulating the views expressed in that post. According to UMG's listing prospectus, Pershing has the right to request a US listing only if a Pershing entity sells at least $500 million in UMG shares during the listing process. However, Pershing cannot require UMG to become US-domiciled or delist from Euronext Amsterdam. Any decisions beyond contractual obligations will be based on maximizing value for all shareholders.

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HILVERSUM, Netherlands, Nov. 9, 2024 /PRNewswire/ -- "We have taken note of Bill Ackman's post in relation to Pershing Square and UMG on X yesterday. Neither UMG nor any of its other board members were involved in the formulation of the views in that post. As disclosed in UMG's listing prospectus, 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. Pershing does not have any right to require UMG to become a US domiciled company or delist from Euronext Amsterdam. While the company will endeavor in good faith to comply with its contractual obligations with respect to undertaking the process of a US listing at the request of Pershing, any actions or decisions beyond those necessary to comply (including any decisions to change the domicile of the company) 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."

FAQ

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What are Pershing Square's rights regarding UMG's US listing?

Pershing Square can request a US listing only if they sell at least $500 million in UMG shares as part of the listing process. They cannot force UMG to become US-domiciled or delist from Euronext Amsterdam.

Can Pershing Square force Universal Music Group (UNVGY) to delist from Euronext Amsterdam?

No, Pershing Square does not have the right to require UMG to delist from Euronext Amsterdam or become a US-domiciled company.

What was UMG's response to Bill Ackman's November 2024 social media post?

UMG stated that neither the company nor its board members were involved in formulating the views expressed in Ackman's post, and emphasized that any decisions beyond contractual obligations would be based on maximizing value for all shareholders.