A $64.4 billion bid to take control of Universal Music Group is running into serious resistance. Cyrille Bolloré, Chair and CEO of the Bolloré Group, publicly encouraged UMG management on Wednesday to reject the offer from Bill Ackman's Pershing Square.
According to Deadline, Bolloré made the remarks at the Bolloré Group annual general meeting in Paris. They marked the first public comments from the group since Ackman launched his offer in April.
The Bolloré Group holds an 18.4 percent stake in UMG. Vivendi, in which the Bolloré Group has a 29.3 percent stake, owns an additional 13.4 percent of the music company. That combined position gives the group the ability to veto the deal.
Bolloré was direct about his objections to the price. "We believe the price is absolutely not high enough," he said. He also raised concerns about whether Ackman's management approach was suited to running a company like UMG. "I don't know whether he is compatible with the management of this society," Bolloré said. "In any case, he is more abrupt, more rapid."
Ackman, a billionaire hedge fund manager, has been pursuing the acquisition since April. According to Deadline, he made the Bolloré family his first call before publicly announcing the offer. Despite that outreach, Bolloré's public comments this week represent a significant setback for the bid.
Cyrille Bolloré is the son of logistics and media mogul Vincent Bolloré. He held a non-executive position on the UMG board until July 2026, when he stepped down to focus on the Bolloré Group. A statement issued at the time of his resignation said he remained supportive of UMG's management team.
No response from Ackman or Pershing Square had been reported at the time of publication.
