UMG Rejects Pershing's Delisting Request

Universal Music Group (AS:UMG) announced on Saturday that billionaire Bill Ackman’s Pershing Square does not have the authority to force the company to relocate to the U.S. or delist from Euronext Amsterdam. This statement came after Ackman expressed his intention on Friday to withdraw his investment company Pershing Square Holdings from the Amsterdam stock exchange and relocate the record label following incidents involving attacks on Israeli soccer fans. As a leading record company, Universal Music Group maintains its position that Pershing Square does not have the right to take such actions. The company has explicitly stated that it will continue its listing on Euronext (EPA:ENX) Amsterdam, opposing Ackman’s proposal from the day before. Ackman has not yet responded to UMG's statement.