Bollore rejects Ackman's $64 bln bid on Universal Music

Cyrille Bollore, chief executive of the Bollore Group, said on Wednesday he was urging ​Universal Music Group's management to reject Bill Ackman's takeover proposal, ‌citing three key objections: the price was too low, the deal used UMG's own money rather than Ackman's, and Ackman's management style was incompatible with ​the label's long-term strategy.