Pershing Square Proposes 78% Premium for UMG

Pershing Square Capital Management submitted a non‑binding €30.40 per‑share proposal to acquire Universal Music Group, a 78% premium.
Offer 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, create 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.