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Tap here. Bill Ackman has officially surrendered his five-year crusade to overhaul Universal Music. Ackman’s hedge fund, Pershing Square Capital Management, executed a complete block-trade liquidation of its remaining 4.7% equity stake overnight, following the definitive rejection of his unsolicited €56 billion (about $64 billion) privatization bid last week.
The massive, accelerated placement of 80.6 million shares was offloaded at a steep discount, sending UMG shares tumbling over 7% on the Euronext Amsterdam exchange. WHAT HAPPENED The final fracture between the billionaire activist investor and the world’s dominant record label materialized swiftly on Thursday morning. Pershing Square launched an overnight institutional book-build to dump its entire position of approximately 80.6 million shares.