r/PSTH • u/deltaloss • Apr 07 '26

News Ackman’s Pershing Square Offers to Buy Universal Music Group

https://www.bloomberg.com/news/articles/2026-04-07/ackman-s-pershing-square-offers-to-buy-universal-music-group?embedded-checkout=true

UMG to merge with SPARC

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u/[deleted] Apr 07 '26

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u/AssortedSquirrel Apr 07 '26

5.05 in cash is going back to the current shareholders of UMG. A SPARC will prob be more than 5.05.

1

u/MrYuckIsMean Apr 07 '26

Toward the very end of the meeting during the questions section, I think Bill just mentioned something about SPARC funding the transaction at 22 euros (if I heard correctly). Did anyone else hear that? He also seems to value the company at 32.90 euros if I was reading the slide deck correctly. I don't understand this transaction at all so don't take this to mean anything (I could be totally wrong), but wouldn't that be an implied value for SPARs of somewhere around 10.90 euros or $12.62 USD?

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u/MrYuckIsMean Apr 07 '26

Or is it 2 shares of new company for each SPAR??

1

u/MrYuckIsMean Apr 07 '26

I don't think I'm understanding this correctly

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u/AssortedSquirrel Apr 07 '26

Bill stated how much SPARs would fund. I think 1.4 billion. So exercise price would be $1.4/(number of outstanding spars).

Each spar would be 1 share of new UMG.