 |
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover by Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Its board determined that the bid by billionaire Bill Ackman’s hedge fund "is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders."
UMG, which became a listed company in 2021, has expanded its buyback program, announced plans to monetize half of its Spotify equity stake, and announced it would provide the market with enhanced financial disclosure so that its business can be better assessed and understood.
Board chair Sherry Lansing believes the management team has the ability “to deliver sustainable growth and continued value creation for all stakeholders."
The company in 2025 achieved a 33% share in recorded music, its highest share in 12 years, and a 24% share in music publishing, the highest share UMG has achieved since Music & Copyright started tracking market share in 2010.
ICR Inc. works for LongRange Capital as the Stamford private equity firm acquires Pizza Hut from Yum Brands for $1.5B.
FGS Global handles Fox Corp. as it agrees to acquire The Roku Channel, which relies on Joele Frank, in a deal valued at $22B.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
