The Bolloré Group has urged Universal Music Group to reject an acquisition proposal from Pershing Square Capital Management founder Bill Ackman.
The opposition from a major shareholder creates a significant hurdle for Ackman, as the deal would reshape the ownership of one of the world's largest music companies.
Reports indicate the bid is valued between $64 billion [2] and $65 billion [1]. The Bolloré Group, based in France, has pushed for the rejection of the offer, citing both the valuation and the structure of the financing.
Cyrille Bolloré said the $64 billion bid is not high enough [2]. He said the source of the funds intended for the purchase was questionable, suggesting the deal would not be funded by Ackman's personal wealth.
"He is not making an offer with his own money, it is our money, the company's money," Bolloré said [3].
The tension between the activist investor and the French conglomerate follows reports of the takeover attempt that first surfaced in April 2026 [4]. Universal Music Group maintains its global headquarters in Santa Monica, California, while the Bolloré Group remains a pivotal influence over the company's strategic direction.
Ackman has a history of targeting companies he believes are undervalued, but the Bolloré Group's stance suggests a lack of confidence in the current offer's premium. The disagreement centers on whether the bid provides fair value to existing shareholders, or simply leverages the company's own assets to facilitate a change in control.
“"The $64 billion bid is not high enough."”
This conflict highlights a clash between activist investing and long-term strategic ownership. If the Bolloré Group successfully blocks the bid, it signals that Universal Music Group's major shareholders view the company's intrinsic value as higher than the current market premium offered by Pershing Square, potentially forcing Ackman to either increase his bid or abandon the pursuit.
