Bill Ackman’s Pershing Exits €1.4 Billion Universal Music Stake

Bill Ackman sold his €1.42 billion ($1.65 billion) stake in Universal Music Group NV just days after the Amsterdam-listed company rejected a takeover bid by the hedge fund billionaire.

Ackman’s Pershing Square offered about 80.6 million shares in an overnight placing to investors that priced at €17.66 apiece, according to terms seen by Bloomberg.

Universal Music shares fell as much as 7.6% on Thursday morning to €17.74, remaining above the offer price that was set at an 8% discount to Wednesday’s closing price. The company bought back about 14.2 million shares from Pershing’s offering, according to a Thursday statement. ...