Ackman's Pershing Square proposes to buy UMG for €30.4

Universal Music Group (UMG) stock soared nearly 11% after Bill Ackman's Pershing Square proposed a cash-and-stock acquisition. The deal values UMG at €30.40 per share, representing a 78% premium to its last close. Pershing Square will pay €5.05 per share in cash, amounting to a total €9.4 billion transaction.