Billionaire Bill Ackman Calls on Universal Music to Move Its Listing to U.S. After Amsterdam Attacks, UMG Says He Does Not Have That Right

variety.com:

Jem Aswad Executive Editor, Music Billionaire Bill Ackman said in a social media post on Friday that he will attempt to terminate the Amsterdam listings of Pershing Square Holdings and Universal Music Group and move UMG’s listing to the United States, following attacks on Israeli soccer fans in the city — and says the company has a “contractual right” to force Universal Music Group to be listed in the U.S.

as well, although the company posted a statement on Saturday disputing that claim. UMG has been listed on the Euronext Amsterdam exchange since it went public in 2021. “I am going to seek approval from the board of Pershing Square Holdings — in which I and my family own 23% of the shares — to eliminate its listing on the Euronext Amsterdam exchange,” he wrote, saying that the board had been considering such a move and that “events in Amsterdam during the last 24 hours provide an appropriate tipping point for this conclusion. “Pershing Square has a contractual right to cause UMG to be listed in the U.S.,” he continued. “We will exercise this right and achieve a U.S.

listing for UMG no later than some time next year.” Pershing Square owns 10.25% of UMG’s stock. In a response on Saturday, a UMG rep began by noting that “Neither UMG nor any of its other board members were involved in the formulation of the views” in Ackman’s post, then continued: “As disclosed in UMG’s listing prospectus, Pershing has the right to request a listing in the U.S.