(Reuters) – Universal Music Group claimed on Wednesday that billionaire Bill Ackman- led Pershing Square has actually exercised its right to ask for an offering and second listing of the document tag in the United States.
In November, Ackman claimed he would certainly look for to move both his very own investment company Pershing Square and UMG – whose lineup of celebrities consists of Taylor Swift – far from Amsterdam, complying with strikes on Israeli football followers in the city.
He has actually likewise formerly decreased his risk in UMG to 7.48% from 10%, according to information assembled by LSEG, after the document tag refuted his demand to delist from Euronext Amsterdam.
UMG, in November, claimed that Pershing Square deserved to ask for a united state listing, gave that a Pershing entity costs the very least $500 million well worth of its shares as component of the listing.
However, this right does not call for the document tag to come to be a U.S.-domiciled firm or to delist from Euronext Amsterdam, the firm had actually included.
UMG has actually currently claimed it would certainly introduce an underwritten offering for the sale of specific shares had by Pershing bySept 15.
“We waived the 120-day filing requirement and extended the date to mid-September in order for UMG to have an appropriate amount of time to complete the listing and offering in a manner best for the company and its shareholders,” Ackman claimed in a blog post on X.
Pershing Square delisted its shares from Euronext Amsterdam in December.
(Reporting by Urvi Dugar; Editing by Mohammed Safi Shamsi)
