Keep pulling the thread on Bill Ackman.
Bill Ackman believes Universal Music Group is listed on the wrong exchange in Amsterdam and that moving its listing to the United States would be meaningfully value-creating.
Pershing Square's proposed transaction for Universal Music Group would enable the cancellation of approximately 17% of the company's outstanding shares.
As part of its proposal for Universal Music Group, Pershing Square plans to install a new board of directors led by Mike Ovitz.
Bill Ackman attributes the post-IPO price drop of a recent Pershing Square fund to an unconventional allocation strategy that gave retail investors more shares than they intended, creating forced selling pressure.
Pershing Square's business model differs from competitors like Blackstone or KKR because substantially all of its assets are held in permanent capital vehicles.
Bill Ackman argues Pershing Square has minimal key man risk because its assets are in public corporations, preventing investors from withdrawing capital if a key person departs.
The team at Pershing Square owns 45% of the business.
Universal Music Group's stock, which listed at 25 euros in September 2021, was trading at approximately 18 to 19 euros at the time of the interview.
Universal Music Group recently announced plans to sell half of its stake in Spotify.
Bill Ackman believes European stock exchanges like the London Stock Exchange and Euronext should consolidate to maximize liquidity, but that nationalism prevents such a move.
New ETFs are being listed that allow investors to bet on the outcome of U.S. elections, specifically whether Democrats or Republicans will win control of the House or Senate.
New York City Mayor Mamdani has made public pronouncements against business leaders like Ken Griffin and has announced a pied-à-terre tax.