Bill Ackman’s Pershing Square proposes $64 billion merger deal with Universal Music Group

Bill Ackman’s Pershing Square proposed a deal on Tuesday to merge Universal Music Group with its investment fund under a plan to revive the world’s biggest music label’s value with a listing in the United States.

Pershing Square’s cash-and-shares offer values Universal Music at around 30.40 euros per share – ​a 78% premium to last close price at 17.10 euros – making the deal worth 55.75 billion euros ($64.31 billion), according to Reuters calculations.