Bill Ackman's Pershing Square makes offer to buy Universal Music Group

Bill Ackman's Pershing Square has proposed a cash-and-shares deal to acquire the world's largest music company, Universal Music Group (AEX:UMG), aiming to shift its primary listing to New York. Under the proposal, UMG shareholders would receive €9.4 billion in cash and 0.77 shares in the new entity for each share held.