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Investing.com -- Pershing Square, the hedge fund associated with billionaire Bill Ackman, is looking to sell a portion of its stake in Universal Music Group (AS:UMG) NV. The fund’s affiliates, including Pershing Square Holdings Ltd., Pershing Square LP, and Pershing Square International Ltd., are offering approximately 2.7% of the outstanding shares in the world’s leading music company.
The shares on offer are part of the holdings in the record label of pop star Taylor Swift and amount to about 50 million shares. This move comes as part of a placement deal reported on by Bloomberg News.
The shares, listed on the Amsterdam exchange, are being offered at a price range of €26.60 to €27.90 each. Should the shares sell at the higher end of this range, the sale could bring in around €1.4 billion, equivalent to $1.5 billion.
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