Ackman’s $64B UMG Bid Faces Major Pushback From Bolloré Family

Billionaire investor Bill Ackman’s UMG takeover bid has run into a formidable obstacle. Benzinga reported Wednesday that Cyrille Bolloré, CEO of Bolloré SE, publicly urged Universal Music Group to turn down the $64 billion unsolicited offer, calling the valuation deeply insufficient.

Bolloré Calls the Price Inadequate

Bolloré delivered the rebuke at his firm’s annual shareholder meeting. He argued the proposal undervalues Universal Music Group and sits at odds with the label’s longer-term strategic direction. His most pointed objection centered on how Ackman structured the financing. Bolloré contended the bid leans heavily on UMG’s own balance sheet rather than fresh capital from the acquirer. “We think the price is not there at all,” Bolloré said, according to Benzinga’s reporting. “He is not making an offer with his own money. It is our money, the company’s money.” Bolloré added that he considers the proposal to have already been effectively declined.

Who the Bolloré Family Is and Why It Matters

The Bolloré family holds an 18.4% stake in Universal Music Group, making them among the most consequential voices in any deal discussion. Their holding company Vivendi was once UMG’s parent before the label spun off and listed on the Amsterdam stock exchange in 2021. After that separation, Vivendi retained a sub-10% stake in UMG. Ackman himself acknowledged the family’s leverage. Without their support, he said, a transaction simply cannot happen. That candid admission underscores just how central Bolloré family approval is to any path forward.

Also Read: Pershing Square’s US IPO Draws Scrutiny Over Allocation Choices

What Ackman Actually Proposed

Ackman’s plan would move UMG’s primary stock listing from Amsterdam to the New York Stock Exchange, a shift he argues would unlock a broader pool of American retail and institutional capital. His vehicle, Pershing Square USA, priced shares at $50 each as part of a $5 billion combined offering. Retail investors received full allocations, while institutional buyers were cut back, inverting the typical IPO playbook. Cornerstone investors received additional incentives tied to Pershing Square Inc. shares.

Bolloré Leaves a Small Door Open

Despite the sharp language, Bolloré did not entirely close off engagement. He indicated the family could consider selling a small portion of its UMG position, but only at a meaningfully higher price than Ackman has offered. He also voiced support for UMG’s existing management team and its current acquisition strategy, suggesting the family prefers organic growth over a leveraged restructuring driven by an outside activist.

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