Common Music Group plans US share sale underneath Pershing Sq. deal

Investing.com– Common Music Group NV (AS:UMG) mentioned on Wednesday that it’s going to launch a U.S. share sale and search a U.S. itemizing as a part of cope with activist investor Invoice Ackman’s hedge fund Pershing Sq. Holdings Ltd (LON:PSHP).

UMG will launch an underwritten providing for the sale of its shares owned by Pershing Sq. by no less than September 2025, the report label mentioned in an announcement. The transfer comes after Ackman mentioned in November that he’ll relocate each his hedge fund and UMG away from Amsterdam.

Ackman had additionally trimmed his stake within the music big after it denied his request to delist from Euronext (EPA:ENX) Amsterdam.  

UMG had signaled in November that Pershing Sq. held the precise to request a U.S. itemizing if it offered no less than $500 million price of UMG shares as a part of the itemizing. 

Ackman mentioned on Wednesday that he had waived the 120-day submitting requirement for the share sale, giving the corporate sufficient time to finish the secondary itemizing.