Bill Ackman’s Pershing Square has submitted an offer to buy Universal Music, the world’s largest music company.
The investment fund offered a mix of cash and shares for Universal, which represents artists including Taylor Swift, Bad Bunny, Harry Styles, and Kendrick Lamar. The bid is for €9.4 billion ($10.9 billion) in cash plus shares, which would value the group at $63.5 billion.
It comes as Ackman is looking to take Pershing Square public, with the company filing for an IPO on the New York Stock Exchange in March.
This is a developing story. Check back for updates.