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Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

3 days ago   |   By Business Insider

Summary List Placement Bill Ackman's eagerly anticipated SPAC deal to buy 10% of Universal Music Group is reportedly facing pushback, Bloomberg reported .
Ackman's Pershing Square Tontine Holdings is looking to acquire the stake from Vivendi, a French media conglomerate. Vivendi then plans to list UMG on the Euronext Amsterdam exchange in the third quarter of 2021.
But Artisan Partners, a shareholder of Vivendi, is said to be against the sale, raising questions on what will happen ahead of the shareholders meeting on June 22 .
"Selling off pieces of UMG to other investors in return for...
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Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

3 days ago   |   By Business Insider

Bryan Bedder/Getty Images/The New York Times
Bill Ackman's SPAC deal to buy 10% of Universal Music Group is reportedly facing pushback.
The resistance, according to Bloomberg, is coming from Artisan Partners, a large shareholder of Vivendi, which Ackman's SPAC is buying the stake from.
"Selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision," Artisan said.
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