UMG STATEMENT ON ACKMAN'S TWEET: NO

UMG released the following statement after Bill Ackman tweeted on 11/8 that he would try to move UMG from Euronext Amsterdam to a U.S. stock exchange:

“We have taken note of Bill Ackman’s post in relation to Pershing Square and UMG on X yesterday. Neither UMG nor any of its other board members were involved in the formulation of the views in that post. As disclosed in UMG’s listing prospectus, Pershing has the right to request a listing in the U.S. subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing. Pershing does not have any right to require UMG to become a U.S.-domiciled company or delist from Euronext Amsterdam. While the company will endeavor in good faith to comply with its contractual obligations with respect to undertaking the process of a U.S. listing at the request of Pershing, any actions or decisions beyond those necessary to comply (including any decisions to change the domicile of the company) will be based on an analysis taking into account what is value-maximizing and in the best interests of all the shareholders of the company.”

More is certain to come. Stay tuned.