Bill Ackman says Universal Music's stock price has 'languished' despite the group's potential

Bill Ackman says Universal Music's stock price has 'languished' despite the group's potential

 Patrick T. Fallon

American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger, saying it believed the music giant was undervalued by stock markets.

Pershing Square said its cash and stock offer to Universal shareholders was worth 30.40 euros ($35.15) a share, valuing Universal with its stable of top artists including Taylor Swift, The Weeknd and Lady Gaga at around 55 billion euros.

Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.

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