Universal Music Group (UMG) has rejected a $64 billion takeover offer from Bill Ackman’s Pershing Square Capital Management. The company announced the decision on Friday after a review by its board and advisers.

The board said the proposal was not in the best interests of the company or its stakeholders.

“The Board of Directors has unanimously determined that the unsolicited and non-binding proposal it received from Pershing Square Capital Management, L.P. on April 7, 2026, is not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders,” the company said.

UMG explained that the offer did not reflect the company’s true value. The board also said the deal would not create better value for shareholders.

“The Board has taken the time to fully assess the proposal submitted by Pershing Square. After careful review with the assistance of outside financial and legal advisors, the Board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation.”

The decision came one day after major shareholder Cyrille Bollore urged UMG to reject the offer.

UMG also pointed to recent steps taken to improve shareholder value. These include expanding its share buyback program, selling part of its Spotify stake, and providing more financial information to investors.

Board chairman Sherry Lansing backed the company’s leadership.

“UMG has built an unrivalled position in the music industry through clear vision and strong execution. The Board has full confidence in Sir Lucian and his team’s ability to deliver sustainable growth and continued value creation for all stakeholders.”

The company said it remains focused on long-term growth and strengthening its position in the global music industry.