Cyrille Bolloré, Chair and CEO of the Bolloré Group, has encouraged Universal Music Group (UMG) management to reject a $64.4B offer from Bill Ackman’s Pershing Square.

Speaking at the Bolloré Group AGM in Paris on Wednesday, Bolloré said he believed the offer undervalued the company and also questioned whether Ackman’s management style suited the music group.

The Bolloré Group can veto the deal. It owns an 18.4% stake in UMG, while Vivendi, in which the group has a 29.3% stake, owns 13.4% of the music group

“We believe the price is absolutely not high enough” said Bolloré, in the first public comments from the group since the Pershing Square offer was made in April.

“I don’t know whether he is compatible with the management of this society,” added Bolloré. “In any case, he is more abrupt, more rapid.”

Bolloré, who is the son of logistics and media mogul Vincent Bolloré, held a non-executive position on the UMG board until July 2026

He resigned the position to focus on the Bolloré Group, but a release announcing his stepping down said that he remained supportive of UMG´s management team.

Bolloré’s comments will be a blow to Ackman’s bid to take control of the legendary music group. As he launched his bid in April, the billionaire hedge fund manager said his first call had been to the Bolloré family ahead of announcing his offer.