Billionaire Bill Ackman, CEO of Pershing Square Capital Management, revealed plans at the Delivering Alpha conference to relocate Universal Music Group’s main stock exchange listing to the U.S. from the Netherlands. This decision follows a spate of antisemitic attacks in Amsterdam against Israeli soccer fans. Ackman emphasized that Universal, valued at approximately $46 billion, is undervalued partly due to its current listing outside major U.S. exchanges like Nasdaq or the NYSE. Ackman, having acquired a substantial 10% stake when Universal spun off from Vivendi in 2021, retains significant influence over the company’s listings. He also plans to shift his publicly traded hedge fund, Pershing Square Holdings, from Amsterdam to the London Stock Exchange. Following recent events in Amsterdam, Ackman described the climate as a “tipping point” for these moves. Despite having the right to enforce a relisting, Pershing Square has yet to take formal action, and Universal Music has not commented. The assaults led Amsterdam’s mayor to ban demonstrations for three days, highlighting security concerns.
Original Story https://www.cnbc.com/2024/11/08/ackman-seeks-us-listing-for-universal-music-group-in-2025.html
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