Cyrille Bolloré, chair and CEO of the Bolloré Group, has rejected Bill Ackman's $64.4 billion bid for Universal Music Group, saying the offer undervalues the company and questioning whether Ackman's management style fits. According to Deadline Hollywood, Bolloré made the statement at the Bolloré Group's annual shareholder meeting in Paris on Wednesday.
The rejection is a significant obstacle for the Pershing Square founder. Ackman's offer is one of the most aggressive bids yet in the consolidation battle for control of the global music industry, but it now faces serious institutional resistance.
Bolloré's public opposition suggests Universal Music Group's current leadership has allies in fighting the takeover. The question now is whether other major stakeholders will support Bolloré's call to reject the bid, or whether Ackman's resources will eventually prevail.
For artists, producers, and songwriters whose work flows through UMG, this boardroom battle could reshape the music business for years to come.
