Pershing Square Holdings, led by billionaire Bill Ackman, is pushing for Universal Music Group (UMG) to delist from Euronext Amsterdam and relocate to the United States, following recent antisemitic incidents in the Netherlands.

Ackman, whose family owns 23% of Pershing Square Holdings and 10.25% of UMG's stock, announced plans to seek board approval to eliminate Pershing's Euronext listing. He stated that UMG trades at a significant discount due to limited liquidity and lack of inclusion in major U.S. indexes.

Key Points:

• Pershing Square has a contractual right to request a U.S. listing for UMG
• The U.S. listing must include Pershing selling at least $500 million in UMG shares
• UMG confirms no prior discussion with Ackman about these plans

UMG's Official Response: UMG clarified that while they will honor contractual obligations regarding a U.S. listing process, Pershing cannot force UMG to:

• Become a U.S.-domiciled company
• Delist from Euronext Amsterdam

Any decisions beyond contractual requirements will be based on maximizing value for all shareholders. UMG has maintained its Euronext Amsterdam listing since 2021.

Related Articles

Previous Articles