PARIS, May 27 — The Bolloré family has publicly urged Universal Music Group (UMG) to reject billionaire investor Bill Ackman’s proposed $64 billion takeover offer, arguing that the bid undervalues the music company and does not align with its long-term growth strategy.
Speaking at Bolloré Group’s annual shareholder meeting on Wednesday, Chief Executive Cyrille Bolloré said the family sees no reason to support Pershing Square’s unsolicited proposal. The Bolloré family controls an 18.4% stake in UMG, while media company Vivendi owns an additional 13.4%, giving the two shareholders enough voting power to block the transaction.
“We think the price is not there at all,” Bolloré said, adding that the offer relies heavily on UMG’s own financial resources rather than new capital from Ackman.
The comments mark the first direct public opposition from a major UMG shareholder since Ackman unveiled the proposal. Ackman previously acknowledged that support from the Bolloré family would be essential for any deal to proceed.
Beyond valuation concerns, Bolloré questioned the strategic rationale behind the bid. He said the family is under no pressure to sell and highlighted the group’s strong financial position, including €5.6 billion in cash and a planned €4.5 billion distribution to shareholders.
Bolloré also expressed confidence in UMG’s current management and acquisition-led growth strategy, while criticizing Ackman’s management approach.
“I encourage the management of Universal Music to reject it,” he said. “As far as I am concerned, it is as if it has been rejected.”
Ackman’s proposal includes €9.4 billion in cash and 0.77 shares of a newly created company for each UMG share. The plan would also move UMG’s primary stock market listing from Amsterdam to the United States.
UMG has not commented on the latest remarks, while representatives for Ackman were not immediately available for comment.
Cyrille, the son of Vincent Bollore, resigned from UMG last year.
