Activist investor Pershing Square said Tuesday it is planning to buy Universal Music Group in a cash and stock deal worth about 55.8 billion euros ($64.4 billion).
Under the terms of the proposal, shareholders would receive a total of 9.4 billion euros ($10.85 billion) in cash and 0.77 shares of new stock for each share of UMG held. That amounts to a total deal value of 30.4 euros per share, a 78% premium to UMG’s closing share price on April 2, Pershing said in a Tuesday statement.
UMG shares were last trading 13% higher, having fallen 23% so far this year.
Universal Music shares year to date.
“Since UMG’s listing, Sir Lucian Grainge and the company’s management have done an excellent job nurturing and…
