Bill Ackman’s Pershing Square Capital Unveils Takeover Bid for Universal Music Group

Bill Ackman’s Pershing Square Capital Management disclosed early Tuesday that a takeover bid for Universal Music Group has been submitted to UMG’s board. The offer includes about 10.9 billion in cash, plus additional stock that pushes the total consideration to about 35 a share. Pershing Square said that UMG’s stock has been undervalued because of []