Universal Music Group Rejects Bill Ackman’s $65 Billion Bid That ‘Undervalues’ Firm

BreakingBusinessUniversal Music Group Rejects Bill Ackman’s $65 Billion Bid That ‘Undervalues’ FirmByTy Roush,Forbes Staff. Ty Roush is a breaking news reporter based in New York City.Follow AuthorMay 29, 2026, 02:44pm EDTToplineUniversal Music Group on Friday rejected a $65 billion takeover offer from Bill Ackman’s Pershing Square Capital, arguing the bid “undervalues” the music giant, following opposition from its largest billionaire-backed shareholder. The offer “fundamentally and materially undervalues” the company, UMG’s board said.gettyKey FactsUMG’s board of directors said it evaluated Pershing Square’s offer and determined it “fundamentally and materially undervalues UMG and will not deliver superior value creation.”This is a developing story.Got a tip? Share confidential information with Forbes.Editorial StandardsReprints & PermissionsLOADING VIDEO PLAYER...FORBES’ FEATURED Video