Bill Ackman's Pershing Square Holdings aims to delist from Euronext Amsterdam and wants Universal Music Group (UMG) to follow suit, but UMG promptly rejected the proposal.

Key Points:

• Ackman (whose family owns 23% of Pershing Square) plans to seek board approval to eliminate Euronext listing
• Pershing Square owns 10.25% of UMG's stock
• UMG has been listed on Euronext Amsterdam since 2021

Ackman's Claims:

• UMG trades at a significant discount due to limited liquidity
• Moving to NYSE or NASDAQ would enable S&P 500 index inclusion
• Pershing Square has contractual rights to cause UMG's US listing

UMG's Response:

• No prior discussion occurred with Ackman before his statement
• Pershing can request US listing only if selling $500M+ in UMG shares
• Pershing cannot force UMG to become US-domiciled or delist from Euronext
• Any changes beyond contractual obligations must benefit all shareholders

The move follows recent antisemitic incidents in Amsterdam, though UMG's response indicates business decisions will be based solely on shareholder value maximization.

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