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Universal Music Says Ackman, Pershing Can’t Force It to Move

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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 has a “contractual right” to move UMG’s listing to the United States, following attacks on Israeli soccer fans in the city — 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; Pershing Square owns 10.25% of UMG’s stock.

“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.”

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. subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing. Pershing does not have any right to require UMG to become a US domiciled company or delist from Euronext Amsterdam.

“While the company will endeavor in good faith to comply with its contractual obligations with respect to undertaking the process of a U.S. listing at the request of Pershing, any actions or decisions beyond those necessary to comply (including any decisions to change the domicile of the company) will be based on an analysis taking into account what is value maximizing and in the best interests of all the shareholders of the company.”

Ackman said that moving UMG’s domicile, which is publicly traded from Amsterdam to the U.S., will have “highly material benefits,” and that “Leaving a jurisdiction that fails to protect its tourists and minority populations combine both good business and moral principles.”

Amsterdam Mayor Femke Halsema said Maccabi Tel Aviv fans had been “attacked, abused and pelted with fireworks” around the city on Thursday night, according to Reuters, and that riot police intervened to protect them and escort them to hotels. At least five people were treated in hospital. Videos on social media showed some attackers shouting anti-Israeli slurs; footage also showed Maccabi Tel Aviv supporters chanting anti-Arab slogans before Thursday evening’s match.



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