Connect with us

Hi, what are you looking for?

Stock

UMG says Pershing does not have right to require Amsterdam delisting

(Reuters) -Universal Music Group (UMG (AS:UMG)) said on Saturday that billionaire Bill Ackman’s Pershing Square has no right to require the record label to become a U.S.-domiciled company or delist from Euronext (EPA:ENX) Amsterdam.

Ackman had said in a post on X on Friday he would seek to delist investment firm Pershing Square, which holds a stake of around 10% in UMG according to LSEG data, and move the record label from Amsterdam, following attacks on Israeli soccer fans in the city.

Ackman said he had begun talks with UMG, on whose board he sits, to move its listing and headquarters to the United States. But UMG – whose roster of stars includes Taylor Swift – said that neither the company nor its board had been involved in the formulation of the views presented in Ackman’s X post.

“Pershing does not have any right to require UMG to become a U.S. domiciled company or delist from Euronext Amsterdam,” UMG said in a statement.

The company said it would in good faith comply with its contractual obligations regarding a U.S. listing, but any actions or decisions would be taken based on an analysis of what is in the best interests of all the shareholders.

Ackman had said in his X post that Pershing Square had a contractual right to cause UMG to be listed in the U.S. and he would exercise this right to achieve a U.S. listing no later than sometime next year.

UMG noted in its statement that as per its listing prospectus, Pershing has the right to request a U.S. listing provided that a Pershing entity sells at least $500 million worth of UMG shares as part of the listing.

Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, did not immediately respond to a request for comment on UMG’s statement.

Pershing Square is also listed on the London Stock Exchange (LON:LSEG) and most trading takes place in London.

This post appeared first on investing.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Editor's Pick

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Latest News

    Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com