BRIEF-Universal Music Group Board Declines Unsolicited Pershing Square Proposal

May 29 (Reuters) - Universal Music Group NV UMG.AS:

  • UNIVERSAL MUSIC GROUP N.V. BOARD OF DIRECTORS DECLINES UNSOLICITED PERSHING SQUARE PROPOSAL

  • BOARD SAYS PERSHING SQUARE PROPOSAL FUNDAMENTALLY UNDERVALUES UNIVERSAL MUSIC GROUP

  • REJECTED PERSHING SQUARE PROPOSAL BECAUSE IT FUNDAMENTALLY AND MATERIALLY UNDERVALUES UMG AND WILL NOT DELIVER SUPERIOR VALUE CREATION.

  • BOARD HEARD FROM MANY OF UMG'S SHAREHOLDERS AND OTHER STAKEHOLDERS AND BELIEVES THERE IS A STRONG CONSENSUS SUPPORTING BOARD'S DECISION

  • DETERMINED THAT UNSOLICITED AND NON-BINDING PROPOSAL FROM PERSHING SQUARE IS NOT IN BEST INTERESTS OF UMG, ITS SHAREHOLDERS, ARTISTS, SONGWRITERS, EMPLOYEES AND OTHER STAKEHOLDERS.

  • CHAIRMAN: BOARD HAS FULL CONFIDENCE IN SIR LUCIAN GRAINGE AND HIS TEAM'S ABILITY TO DELIVER SUSTAINABLE GROWTH AND CONTINUED VALUE CREATION FOR ALL STAKEHOLDERS

  • CEO GRAINGE: LOOK FORWARD TO PROVIDING SHAREHOLDERS WITH GREATER INSIGHT INTO DRIVERS OF OUR PERFORMANCE AND FUTURE DIRECTION OF OUR BUSINESS

Further company coverage: UMG.AS


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