Billionaire Bill Ackman is one of the most powerful behind-the-scenes players in the modern financialized music rights industry.
According to Universal Music Group’s 2023 annual report, Ackman controls 10.25% of company stock, making him the second largest individual shareholder in UMG, after Vincent Bolloré.
Ackerman He is also a member of the UMG Board of Directors.
Now he’s calling for structural eradication UMG residence and public listing exist amsterdam; Ackerman wants both to move to the United States.
UMG Said at least some of these requirements may not be possible.
Ackerman On Friday (November 8) X announced that he wanted UMG By the end of 2025, its listing location will be transferred from Euronext Amsterdam to a US exchange (New York Stock Exchange or Nasdaq).
Ackerman further stating that he has begun internal conversations about moving UMG residence (also known as its global corporate headquarters, currently located in Amsterdam) to the United States.
Ackerman believes that transformation Universal MG’s Going public from Amsterdam to the United States will enhance the company’s public value.
However, the “critical point” Ackerman’s According to the investor, this may be for November 7 Jewish and israeli citizen After watching a football match in Amsterdam.
AckermanHe is known to be politically outspoken on Twitter, is Jewish, and is married to Israeli-American Neri Oxman.
Wrote Ackerman: “I have [begun] A conversation with Universal Music Group (I am a member of the Board of Directors of the company), which is domiciled and listed in Amsterdam, regarding the transfer of its domicile and listing to the United States, which would provide similar as well as other highly material benefits.
“Perching square Has contractual rights to facilitate the listing of Universal Music Group in the United States.
Bill Ackerman
He added: “pershing square Has contractual rights to facilitate the listing of Universal Music Group in the United States. We will exercise this right and achieve a U.S. listing of Universal Music Group sometime next year. UMG The company trades at a deep discount to its intrinsic value and has limited liquidity, in large part because the company does not have a primary listing on the NYSE or Nasdaq and is not eligible for inclusion in the S&P 500 and other indices.
“We will solve this problem. Now is a good time to do so.
Saturday (November 9), universal music group Ackman’s suggestion was echoed in a company statement. It reads:
“We have noticed Bill Ackerman’s post about pershing square and UMG Yesterday Neither UMG Nor did any of its other board members participate in the development of the position’s opinion.
“As revealed Universal MG’s The listing prospectus states that Persing has the right to request a U.S. listing if the Persing entity sells at least [USD] US$500 million As part of the listing, UMG shares were held.
“Pershing does not have any right to require UMG to become a U.S.-registered company or to be delisted from Euronext Amsterdam.”
Universal Music Group statement
“Pershing no claims UMG Become a company registered in the United States or delist from Euronext Amsterdam. While the Company will make good faith efforts to comply with its contractual obligations in connection with its U.S. listing, it should Pershingany action or decision beyond the scope of necessary compliance (including any decision to change the company’s domicile) will be based on an analysis that considers value maximization and the best interests of all shareholders of the company.
with its 10.25% Current Shares, Ackman/Pershing Square owns UMG shares currently worth approx. 4.45 billion euros – Equivalent to $4.77 billion. (UMG currently has a market capitalization of €43.37 billion on Euronext).
In other words, according to UMG’s statement, Ackerman/Pershing must be willing to relist approximately one-tenth of its current Amsterdam-based UMG shares in the U.S. (i.e. up to US$500 million threshold) to force a new listing on Nasdaq or the New York Stock Exchange.
Even if this happens, it will not affect Ackerman’s other requirements: UMG relocate its official residence, or delist entirely from Euronext Amsterdam.global music business
