The board of Universal Music Group has rejected an unsolicited $64 billion takeover offer from Bill Ackman’s Pershing Square Capital, the company announced on Friday. The move comes a day after key shareholder Cyrille Bollore urged UMG to reject the offer.

The “Board of Directors has unanimously determined that the unsolicited and non-binding proposal it received from Pershing Square Capital Management, L.P. on April 7, 2026, is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders,” the announcement reads in part.

“The Board has taken the time to fully assess the proposal submitted by Pershing Square,” it continues. “After careful review with the assistance of outside financial and legal advisors, the Board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation. The Board has heard from many of UMG’s shareholders and other stakeholders and believes there is a strong consensus supporting the Board’s decision.”

The offer included about $10.9 billion in cash, plus additional stock that pushes the total consideration to about $35 a share.

Pershing Square said that UMG’s stock has been undervalued because of uncertainty around the company’s ownership structure and around UMG’s stake in Spotify, and by the company’s delay of its planned stock listing in the U.S. Ackman previously struck an agreement with the company last year to establish a secondary listing in the U.S. in addition to its primary home on the Euronext Amsterdam listing.

“Since UMG’s listing, [chairman-CEO] Sir Lucian Grainge and the company’s management have done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance,” Ackman said when making the offer. “However, UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction.”

UMG’s statement on Friday noted that “The company recently initiated and subsequently expanded its buyback program, announced plans to monetize half of its Spotify equity stake, and announced it would provide the market with enhanced financial disclosure so that its business can be better assessed and understood.”

UMG board chairman Sherry Lansing said: “UMG has built an unrivalled position in the music industry through clear vision and strong execution. The Board has full confidence in Sir Lucian and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”

Grainge added: “We remain committed to leading the industry by attracting the world’s top talent, deepening fan engagement globally, and driving innovation. Central to that mission is fostering an environment that champions human creativity, protects artists, songwriters, and entrepreneurs, and expands opportunities for growth and success. As we execute  our strategy and deliver maximum long term value, we look forward to providing shareholders with greater insight into the drivers of our performance and future direction of our business.”

Citi is acting as financial advisor to the UMG Board of Directors, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and De Brauw Blackstone Westbroek N.V. are acting as legal advisors to the UMG Board of Directors.