Bill Ackman's Pershing Square Capital Management proposed a $64 billion cash-and-stock merger to acquire Universal Music Group, aiming to relocate the music giant's listing to New York from Amsterdam. The hedge fund manager, who previously pushed for a US listing, offered a 78% premium over Universal's Friday close, valuing the company at €55 billion. Pershing Square would finance €9.4 billion in cash via debt and Spotify asset sales, while retaining CEO Lucian Grainge and installing former Disney president Michael Ovitz as chair. Universal Music's shares surged 12% in early trading, though the deal hinges on shareholder approval and Bolloré Group's 18% stake disposition. The proposal addresses stagnant stock performance linked to listing location uncertainty and potential Bolloré divestiture.