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Universal Music Group (UMG) has officially rejected an unsolicited acquisition proposal from Pershing Square Capital Management, stating that the offer significantly undervalued the global music company and did not align with the interests of its shareholders and stakeholders.
According to UMG, its Board of Directors unanimously decided to decline the non-binding proposal submitted by Pershing Square on April 7. The decision was reached after extensive consultations with the company’s financial and legal advisors. The board also noted that major shareholders and key stakeholders strongly supported the rejection of the proposal.
Pershing Square had proposed a cash-and-stock transaction through its acquisition vehicle, valuing Universal Music Group at approximately €30.40 per share. The offer placed the company’s total valuation at around €55.75 billion ($65.03 billion).
UMG Board Chair Sherry Lansing emphasized the company’s confidence in its long-term growth strategy and leadership team, led by CEO Sir Lucian Grainge. She stated that Universal Music has established a dominant position within the global music industry through consistent execution, strategic vision, and innovation. Lansing added that the board believes the company is well-positioned to continue generating sustainable growth and long-term shareholder value.
The music giant highlighted several initiatives designed to strengthen investor returns and enhance corporate value. These include an expanded share repurchase program, plans to monetize approximately half of its equity stake in Spotify, and efforts to provide investors with greater financial transparency and disclosure.
Universal Music Group also pointed to its strong financial performance since becoming a publicly traded company in 2021. The company reported revenue growth of 60% and an increase of nearly 70% in adjusted EBITDA during that period. UMG further stated that it achieved a 33% share of the recorded music market in 2025, marking its highest level in more than a decade. Additionally, the company recorded a 24% share in music publishing, setting a new benchmark for its publishing business.
CEO Lucian Grainge reaffirmed UMG’s commitment to attracting top creative talent, expanding fan engagement worldwide, and supporting human creativity as the digital entertainment landscape continues to evolve. He emphasized that the company remains focused on strengthening its leadership position in the global music market while delivering long-term value to investors.
