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(Reuters) -Common Music Group (UMG (AS:)) mentioned on Saturday that billionaire Invoice Ackman’s Pershing Sq. has no proper to require the file label to change into a U.S.-domiciled firm or delist from Euronext (EPA:) Amsterdam.
Ackman had mentioned in a publish on X on Friday he would search to delist funding agency Pershing Sq., which holds a stake of round 10% in UMG in line with LSEG knowledge, and transfer the file label from Amsterdam, following assaults on Israeli soccer followers within the metropolis.
Ackman mentioned he had begun talks with UMG, on whose board he sits, to maneuver its itemizing and headquarters to the USA. However UMG – whose roster of stars consists of Taylor Swift – mentioned that neither the corporate nor its board had been concerned within the formulation of the views offered in Ackman’s X publish.
“Pershing doesn’t have any proper to require UMG to change into a U.S. domiciled firm or delist from Euronext Amsterdam,” UMG mentioned in an announcement.
The corporate mentioned it will in good religion adjust to its contractual obligations concerning a U.S. itemizing, however any actions or choices can be taken primarily based on an evaluation of what’s in the very best pursuits of all of the shareholders.
Ackman had mentioned in his X publish that Pershing Sq. had a contractual proper to trigger UMG to be listed within the U.S. and he would train this proper to attain a U.S. itemizing no later than someday subsequent 12 months.
UMG famous in its assertion that as per its itemizing prospectus, Pershing has the proper to request a U.S. itemizing supplied {that a} Pershing entity sells at the least $500 million value of UMG shares as a part of the itemizing.
Pershing Sq., an funding holding firm through which Ackman and his household personal a 23% stake, didn’t instantly reply to a request for touch upon UMG’s assertion.
Pershing Sq. can be listed on the London Inventory Trade (LON:) and most buying and selling takes place in London.
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