Universal Music Group files confidentially for US listing
The Amsterdam-listed firm submitted documents to the US Securities & Exchange Commission relating to a proposed offering by certain of its shareholders, according to a statement on Monday (Jul 21). The world's largest music company will not receive any proceeds from the sale.
The filing comes after Universal said in January it would plan the US listing in order to satisfy an agreement with Pershing Square, a statement at the time showed. Ackman resigned from Universal's board in May, citing increasing demands on his time from commitments including his appointment as executive chairman of Howard Hughes Holdings.
Universal Music, which is the label for artists including Taylor Swift, had in recent months resisted Ackman's push to move its domicile and delist it from Euronext Amsterdam. Pershing Square had urged Universal Music to pursue a US listing, saying it would substantially increase the valuation of the shares.
A group of shareholders affiliated with Pershing Square in March raised more than 1.3 billion euros (S$1.9 billion) from the sale of about a 2.7 per cent stake in the Hilversum, Netherlands-headquartered firm, Bloomberg News reported. BLOOMBERG
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