Pershing Square Offers 78% Premium for Universal

Pershing Square Capital Management submitted a non‑binding €30.40 per‑share offer for Universal Music Group, a 78% premium to market price.
The proposal includes €5.05 cash per share (€9.4 bn total) plus 0.77 shares in a newly listed SPARC entity.
Deal would merge UMG with Pershing Square SPARC Holdings, creating a US‑listed company on NYSE, eligible for S&P 500 inclusion.
Transaction cancels ~17% of UMG shares, leaving 1.54 bn shares outstanding and preserving an investment‑grade balance sheet; closing expected by year‑end.