(Reuters) – Universal Music Group (UMG) said on Saturday that billionaire Bill Ackman’s Pershing Square company had no right to ask the record label to become a U.S.-based company or be delisted from the Euronext Amsterdam exchange.
Ackman said in a post to .
Ackman said he has begun talks with UMG, of which he sits on the board of directors, to move its listing and headquarters to the United States. But UMG — whose star roster includes Taylor Swift — said neither the company nor its board were involved in crafting the views presented in Akman’s X post.
“Pershing has no right to require UMG to become a US-based company or to be delisted from Euronext Amsterdam,” UMG said in a statement.
The company said it will adhere in good faith to its contractual obligations regarding the US listing, but any actions or decisions will be made based on an analysis of what is in the best interest of all shareholders.
Ackman said in his post on X that Pershing Square has a contractual right to list UMG in the US and will exercise that right to achieve the US listing no later than sometime next year.
UMG noted in its statement that according to its listing prospectus, Pershing has the right to seek a U.S. listing on the condition that the Pershing entity sells at least $500 million of UMG shares as part of the listing.
Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, did not immediately respond to a request for comment on UMG’s statement.
Pershing Square is also listed on the London Stock Exchange and most trading takes place in London.
(Reporting by Chandni Shah in Bengaluru; Editing by Andrew Cawthorn and David Holmes)