Universal Music Group confirms receipt of Pershing Square proposal

Universal Music Group (UMGNF) confirmed that its Board of Directors received an unsolicited and non-binding proposal from Pershing Square Capital Management, L.P. The Board of Directors, together with its advisors, will review the proposal in accordance with its fiduciary duties and analyze its implications for shareholders, employees, artists, songwriters and other stakeholders. “The Board of Directors has complete confidence in UMG’s strategy and the leadership of Sir Lucian Grainge and the Company’s management team,” the company said. “UMG will have no further comment on the proposal until the Board of Directors completes its review.”