Bollore Group chief executive Cyrille Bollore told shareholders at Universal Music Group’s meeting that the label should turn down Bill Ackman’s Pershing Square Capital proposal. The offer proposes a cash‑and‑stock transaction at 30.40 euros per share, valuing the company at roughly $65 billion. He warned that an undervalued transaction could depress shareholder returns and hinder future acquisitions.

Pershing Square first disclosed the bid in April, seeking to acquire the world’s largest music publisher and recorded‑music company. At 55.89 billion euros of outstanding stock, the proposal represents a modest premium over current market levels. The gap between offer and market price fuels skepticism among investors. Universal’s board has opened a formal review, but has not yet signaled any inclination to negotiate.

If Universal rejects the offer, Ackman’s bid could stall, leaving the label free to pursue other strategic options such as a spin‑off or partnership. Investors will watch the board’s decision closely, as a rejected deal may keep the stock’s valuation intact while preserving control. A rejected bid also preserves Universal’s ability to negotiate licensing terms independently. The outcome will shape consolidation trends in the music industry.