Bill Ackman Abandons Universal Music After Failed Takeover Attempt
Bill Ackman's hedge fund, Pershing Square Capital Management, has sold its entire stake in Universal Music Group after a failed €56 billion privatization bid was rejected. The block trade caused UMG shares to drop over 7%, marking the end of a five-year effort by Ackman to overhaul the company.
Topics: Bill Ackman block trade liquidation share price movement takeover bid rejection Universal Music Group