Invoice Ackman, Pershing Sq. Capital Administration CEO, talking on the Delivering Alpha convention in New York Metropolis on Sept. 28, 2023.
Adam Jeffery | CNBC
Common Music Group, residence to stars together with Taylor Swift, Billie Eilish and Drake, will transfer its major inventory alternate itemizing to the US from the Netherlands following antisemitic assaults in Amsterdam this week, billionaire Invoice Ackman mentioned Friday.
Ackman wrote on X that Common, with a market worth of some $46 billion, “trades at a big low cost to its intrinsic worth with restricted liquidity in vital half resulting from it not having its major itemizing” on the Nasdaq or New York Inventory Change.
The Pershing Sq. founder and former shareholder activist additionally mentioned he would search to relist his publicly traded Pershing Sq. Holdings from the Euronext alternate in Amsterdam to the London Inventory Change.
“Occasions in Amsterdam over the last 24 hours present an acceptable tipping level for this conclusion,” Ackman wrote.
Officers in Amsterdam banned demonstrations for 3 days on Friday after in a single day assaults on Israeli soccer supporters by what the mayor known as “antisemitic hit-and-run squads,” and Israel mentioned it could fly many followers residence, Reuters reported.
Mayor Femke Halsema mentioned Israeli soccer followers had been “attacked, abused and pelted with fireworks” across the metropolis. No less than 5 folks had been handled for accidents, and 64 arrested.
Ackman and Pershing Sq. have uncommon privileges at Common Music Group that permit him to pressure the relisting, paperwork present. UMG was spun out of Vivendi in 2021. Ackman acquired a ten% stake in UMG as a part of that spinoff and stays the corporate’s largest shareholder.
UMG shares have remained largely unchanged because the spinoff, which Ackman partly attributes to the corporate’s ineligibility from the S&P 500 and different U.S. market indexes.
Pershing Sq. has a contractual proper to pressure a relisting, UMG’s prospectus exhibits. The corporate has 120 days to file a proper registration with the Securities and Change Fee from the date of Pershing’s relisting demand, in line with the prospectus. Ackman indicated in his social media submit that Pershing Sq. had not but exercised that proper.
A consultant for Ackman didn’t instantly remark.
A spokesperson for Common Music Group mentioned neither the corporate nor its board members had been concerned within the views in Ackman’s submit.
“As disclosed in UMG’s itemizing prospectus, Pershing has the fitting to request an inventory within the US topic to a Pershing entity promoting at the very least $500 million in UMG shares as a part of the itemizing,” the spokesperson mentioned.
Including, nonetheless, “Pershing doesn’t have any proper to require UMG to turn out to be a US domiciled firm or delist from Euronext Amsterdam.”
