Bill Ackman Dealt Blow In $64 Billion Bid For Universal Music Group By Major Shareholder Bolloré

Ackman announced his bid to acquire the record label in April, saying the company's “stock price has languished due to a combination of issues that are unrelated to the performance of its music business.” Ackman's transaction would merge the record label with Pershing Square SPARC Holdings, move UMG's primary stock listing from Amsterdam to the New York Stock Exchange and would value the company at about $35.13 per share.