Pershing Square proposes non‑binding €5.05 cash plus 0.77 share offer, valuing UMG at €30.40 per share.
UMG shares rose over 10% to €18.95, reflecting a 78% premium versus the April 2 close of €17.10.
Deal funded by €2.5bn cash, €5.4bn debt, and €1.5bn from selling UMG’s Spotify stake, with €750m earmarked for artists.
Barclays doubts 25x P/E valuation, noting UMG’s 66% cash conversion versus ~100% industry norm.