Universal Plans US Share Sale for Pershing Square Stake
- Bill Ackman says fund is required to sell a $500 million stake
- Billionaire had urged company to move its domicile to the US
Universal Music Group NV has agreed to plan a US share sale by Sept. 15, in order to fulfill an agreement with billionaire Bill Ackman’s hedge fund Pershing Square.
The Amsterdam-listed entertainment company will use reasonable efforts to launch an underwritten offering for the sale of shares owned by Pershing Square, according to a statement Wednesday.