Vincent Bolloré Rejects Ackman’s $64 Billion Universal Music Bid
May 27, 2026 – 11:32 am
Vincent Bolloré has formally turned down Bill Ackman’s Pershing Square offer for Universal Music Group (UMG), according to a Reuters report on Wednesday, ending the largest take-private attempt in music industry history.
Bolloré, who controls roughly 28% of UMG through his Vivendi stake, has rejected the $64 billion bid, which would have valued the company at a premium to its Amsterdam listing but at a discount to Bolloré’s own estimated fair value.
As Ackman himself acknowledged publicly, "without Bolloré, we don’t have a transaction." The substantive question Ackman raised remains: whether UMG needs a "reset" and how best to position the company for future growth amidst challenges from generative AI and shifts in the industry landscape.
JPMorgan analysts outlined the rejection logic early April: Bolloré does not need cash, has bought UMG shares rather than selling them, prefers a European listing and domicile, and would not reduce his influence over the company he considers a strategic anchor.
The standoff highlights the valuation gap between public companies like Spotify and private ones like UMG. While Spotify trades at a multiple of its earnings, UMG trades at a discount. Ackman argues that this gap is structural rather than cyclical, but Bolloré’s rejection suggests he agrees with the current valuation.
The failed bid marks Pershing Square’s largest deal not to close and signals potential future battles. Ackman may pursue a proxy fight or public campaign aimed at UMG’s board instead of Bolloré directly.