(Reuters) – Universal Music Group (AS:) announced on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.
In a move that follows recent events in Amsterdam, Ackman expressed his intention to relocate both Pershing Square and UMG, which boasts artists such as Taylor Swift, to the United States.
After reducing his stake in UMG to 7.48%, Ackman’s request to delist from Euronext Amsterdam was denied by the record label.
UMG confirmed that Pershing Square has the right to request a U.S. listing, with a requirement for a minimum sale of $500 million worth of shares as part of the listing process.
However, UMG clarified that this does not mandate the company to be U.S.-domiciled or delist from Euronext Amsterdam.
UMG has now announced plans to conduct an underwritten offering for the sale of certain Pershing-owned shares by September 15.
“We have extended the deadline to mid-September to allow UMG ample time to complete the listing and offering process in the best interest of the company and its shareholders,” Ackman stated in a post on X.
Pershing Square successfully delisted its shares from Euronext Amsterdam in December.