Bill Ackman's $64 Billion Push To Take Over Universal Music Group Just Hit A Wall As Key Shareholder Says 'The Price Is Not There At All'

Namrata Sen

May 29, 2026 5 min read

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Cyrille Bolloré, CEO of Bolloré SE, has publicly advised Universal Music Group N.V. to reject the $64 billion takeover bid from Bill Ackman, citing the undervaluation of the music label and the proposal's misalignment with the company's long-term strategy.

Bolloré expressed his disapproval of Ackman's takeover proposal at Bolloré's annual shareholder meeting on Wednesday, as reported by Reuters. The Bollore family, owning 18.4% of Universal Music Group, and Vivendi, with a 13.4% stake, have enough power to block the deal.

The Bollore family owns Vivendi, which was once the parent company of Universal Music Group, but after UMG's 2021 spin-off and stock market listing, Vivendi now holds less than a 10% stake in UMG.

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The French CEO criticized the bid for relying on the company's own cash. "We think the price is not there at all," Bollore stated. "He (Ackman) is not making an offer with his own money. It is our money, the company's money."

Bolloré urged Universal Music's management to reject the proposal, saying he already considers it to have been effectively turned down.

This is the first public response from a major UMG shareholder regarding Ackman's unsolicited bid. Bollore indicated his firm was open to selling a "few percent" of UMG shares, but only at a higher price. He also criticized Ackman's management style and expressed support for UMG's current expansion and acquisition strategy.

Bollore Rebuff Hits Ackman Bid

Before launching his $64 billion bid for Universal Music Group, Ackman had approached French billionaire Vincent Bolloré. Ackman said Universal's largest shareholder gave a response that was "music to my ears," telling investors that Bollore's camp was "intrigued" by his proposal, according to a previous Reuters report.

"Without Bollore, we don't have a transaction," Ackman said, referring to the billionaire who directly and indirectly controls a considerable stake in UMG. Ackman's proposal would shift UMG's stock listing from Amsterdam to the New York Stock Exchange.

Ackman Explains PSUS Trading Drop

Ackman's Pershing Square Holdings' shares have fallen over 32% from their post-IPO peak of $54.94 in May to $37.07. Earlier this month, Bill Ackman explained that the post-listing drop in Pershing Square USAand Pershing Square Inc.was driven by unusual late-day trading dynamics and a retail-heavy investor allocation.

Ackman said his team prioritized retail investors with full allocations while cutting institutional allocations, the opposite of a typical IPO structure. The combined $5 billion offering priced shares at $50 each and included special incentives for cornerstone investors. Under the deal terms, investors received one Pershing Square Inc. share for every five PSUS shares purchased, while cornerstone buyers received 1.5 PS shares for every five PSUS shares.

Image via Shutterstock

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