Fred Tanneau | Getty Images / Patrick T. Fallon | Agence France-Presse / wsg.com
At the Bolloré Group‘s annual shareholders meeting Wednesday, May 27, Bill Ackman’s $64 billion takeover bid for Universal Music Group (UMG) was a central topic.
Cyrille Bolloré, chairman and CEO of the Bolloré Group and UMG‘s largest single shareholder, strongly advised UMG to reject Pershing Square’s offer.
“I encourage the management of Universal Music to reject it,” Bolloré said, as reported by Reuters. “As far as I am concerned, it is as if it has been rejected.”
“We think the price is not there at all,” Bolloré told shareholders.
“[Ackman] is not making an offer with his own money,” Bolloré added. “It is our money, the company’s money.”
Despite his opposition to the deal, Bolloré acknowledged Ackman “was a very smart investor” and that he had raised “interesting” points on cash allocation and opportunities tied to artificial intelligence.
Bolloré said the next few years are critical for UMG to capitalize on superfan subscriptions, live music, geographic expansion and merchandising— a focus that could be distracted from with a takeover bid like Ackman’s.
The Bolloré Group controls 28% of UMG through a direct stake in the company and its holding in Vivendi.
Bolloré called UMG one of the strongest assets the group has ever owned, citing its performance during economic downturns and its continued growth prospects. He said the family may eventually sell a small portion of its stake but that it is “too early” to do so.
“The development potential is still very big,” he said. “I’m sure things are going to be managed very well.”
When Ackman announced the bid in April, he acknowledged that Bolloré’s support is critical.
“Without Bolloré, we don’t have a transaction,” Ackman told investors.
Pershing Square‘s non-binding proposal values UMG at about $64.4 billion (€55.8 billion), or roughly $35.23 (€30.40) per share, a 78% premium to UMG‘s closing price April 2.
Under the terms, shareholders would receive €9.4 billion in cash and 0.77 shares of new stock for each UMG share held.
Ackman’s plan also calls for merging UMG into a new company listed on the New York Stock Exchange, which he said would attract more institutional investors and improve analyst coverage.
UMG has paused plans for a U.S. secondary listing, citing volatile market conditions in March 2026.
Perishing Square first built a roughly 10% stake in UMG in 2021 after acquiring shares from Vivendi. Ackman has since reduced his position, including selling a 2.7% stake in March 2025 for about $1.4 billion. He stepped down from UMG’s board in May 2025, citing new responsibilities tied to other investments.
UMG reported revenue of $3.39 billion (€2.9 billion) in the first quarter of 2026, up 8.1% year over year at constant currency.
The company also plans to sell half its stake in Spotify, raising about $1.4 billion to fund a $1.17 billion (€1 billion) share buyback program.
Ackman’s proposal had called for UMG to sell its entire Spotify stake, valued at about $3.1 billion (€2.7 billion), to help finance the cash portion of his bid.
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