Investing.com– Common Music Group NV (AS:) stated on Wednesday that it’ll launch a U.S. share sale and search a U.S. itemizing as a part of take care of activist investor Invoice Ackman’s hedge fund Pershing Sq. Holdings Ltd (LON:).
UMG will launch an underwritten providing for the sale of its shares owned by Pershing Sq. by a minimum of September 2025, the file label stated in an announcement. The transfer comes after Ackman stated in November that he’ll relocate each his hedge fund and UMG away from Amsterdam.
Ackman had additionally trimmed his stake within the music large after it denied his request to delist from Euronext (EPA:) Amsterdam.
UMG had signaled in November that Pershing Sq. held the proper to request a U.S. itemizing if it bought a minimum of $500 million price of UMG shares as a part of the itemizing.
Ackman stated on Wednesday that he had waived the 120-day submitting requirement for the share sale, giving the corporate sufficient time to finish the secondary itemizing.