07.04.2026 10:06

Here is the rewritten news report,incorporating your requirements:

**Definition:** Pershing Square, led by billionaire investor Bill Ackman, has launched a non-binding $64 billion takeover proposal targeting the global music giant Universal Music Group (UMG).

**Key Details:** Pershing Square's SPARC Holdings vehicle has presented a massive $64 billion offer for UMG. The proposal values UMG at €30.40 per share, representing a substantial 78% premium over its previous closing price of €17.10. This significant premium immediately impacted the market, with UMG shares surging approximately 13% in early trading on Tuesday. Major shareholder Bollore Group also saw its stock rise roughly 6% in response.

**Deal Structure:** If successful, the transaction would merge UMG with SPARC Holdings, relocating the combined entity to the United States. The new company would be incorporated as a Nevada Corporation and seek a primary listing on the New York Stock Exchange. The deal structure includes a prominent role for Michael Ovitz, the former president of Disney, who would join the board as chairman.

**Financial Terms:** Pershing Square is offering €9.4 billion in cash plus 0.77 shares of the new Nevada Corporation for each UMG share owned. The cash component is planned to be secured through a combination of SPARC's rights holders, leveraged financing arrangements, and the liquidation of Pershing's existing Spotify stake.

**Market Context:** The offer remains non-binding at this stage, and Universal Music Group has not yet issued an official statement regarding the approach. The proposal was first reported by major financial news outlets, including Bloomberg, on April 7th, 2026.

**Sources:** This information is derived from standard financial news reporting and market data.