UNVGY
Not exactly a love letter
Bill Ackman’s $64 billion pitch for Universal Music Group just ran into a very expensive brick wall. Cyrille Bolloré, speaking at Bolloré’s annual shareholder meeting on Wednesday, said the price “is not there at all” and urged UMG to swat the proposal away.
The message here is pretty clear: this isn’t a casual “let’s keep talking” moment. It’s a major shareholder saying the bid is too low, the strategy is off, and the whole thing smells a little too much like UMG financing its own sale with its own cash. That’s not the kind of endorsement you slap on the fridge.
Why the blocker matters
The Bolloré family owns 18.4% of UMG, and Vivendi still controls another 13.4% stake. Translation: if they don’t like the deal, they can make life very, very annoying for Ackman. In takeover land, being “intrigued” is cute; being willing to vote yes is what actually counts.
A few things to watch:
- Ackman wants to shift UMG’s listing from Amsterdam to the NYSE.
- Bolloré says the company’s current expansion strategy is better than taking this offer.
- The family says it might sell a small slice of shares, but only at a higher price.
What this means for your portfolio
For UMG, this is a classic dealmaking reality check: big bid, big headline, big ego, and then the shareholders show up and ask, “Okay, but where’s the premium?” If Bolloré stays dug in, Ackman may need to either pay up or walk away.
Meanwhile, the article’s aside about Pershing Square’s trading structure is separate drama, not the main event. Nice for context, not the headline.
Big picture: takeover bids don’t matter until the owners say they do, and right now UMG’s owners are sounding a lot like they’d rather keep the music playing than sell the venue.