Bolloré CEO Says Ackman’s Offer for Universal Music Is Too Low

Bolloré SE’s chief executive officer said billionaire Bill Ackman’s offer for Universal Music Group NV undervalues the record label.

UMG should reject the bid, CEO Cyrille Bolloré, the son of French billionaire Vincent Bolloré, said at his company’s capital markets day on Wednesday. Bolloré SE is UMG’s largest shareholder and the comments were its first to address Ackman’s April offer publicly.

Bolloré CEO Cyrille Bolloré

Photographer: Fred Tanneau/AFP/Getty Images

A representative for Pershing Square didn’t immediately respond to a request for comment.

Ackman’s investment firm Pershing Square Capital Management, which controls more than 4.5% of UMG shares, offered to combine the record ...