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Bill Ackman-led Pershing Square Capital Management’s (PSHZF) proposal to acquire Universal Music Group NV (UMGNF) sent UMG stock soaring on Tuesday.
Pershing Square announced that UMG shareholders will receive €5.05 ($5.84) per UMG share, amounting to €9.4 billion in total.
The company said the cash-and-stock deal values UMG at €30.4 per share, representing a 78% premium over Universal Music’s last closing price.
UMG’s shares were up nearly 11% at the time of writing.
€1 = $1.16
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