Investing.com -- Universal Music Group has rejected an unsolicited proposal from Pershing Square Capital Management, saying the offer significantly undervalued the music giant and failed to serve the best interests of shareholders and stakeholders.
UMG said its Board of Directors unanimously decided against the non-binding proposal submitted by Pershing Square on April 7 after consulting financial and legal advisers. The board said there was strong support from shareholders and other stakeholders for the decision.