Universal Music Rejects Ackman’s Offer as Too Low (1)

Universal Music Group NV rejected an unsolicited offer from Bill Ackman’s Pershing Square Capital Management, saying it’s not in the best interest of its shareholders or artists, who include Taylor Swift and Drake.

“The board has taken the time to fully assess the proposal submitted by Pershing Square,” Universal said in a statement. “After careful review with the assistance of outside financial and legal advisers, the board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation.”

A spokesperson for Pershing Square declined to comment.

Ackman last month pitched a ...