Ackman's Pershing Square offers to buy Universal Music for nearly $65 billion

FILE PHOTO: Universal Music Group logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

April ⁠7 (Reuters) - Bill Ackman's ⁠Pershing Square ‌said on Tuesday it proposed to buy ​Universal Music ⁠Group in ⁠a cash-and-stock deal ⁠worth ‌about 55.75 ⁠billion euros ($64.31 billion).

The deal ​value ‌is based on ⁠Reuters ​calculations.

Pershing Square said its ⁠offer estimates Universal ​Music at about 30.4 euros per ⁠share.

Universal Music's shares last closed at 17.1 ​euros.

($1 = ⁠0.8674 euros)

(Reporting by ​Gnaneshwar ‌Rajan in Bengaluru; ​Editing by Sonia Cheema)