Billionaire Bill Ackman said in a social media post Friday that he intends to delist Pershing Square Holdings and Universal Music Group from the Amsterdam listing following attacks on Israeli soccer fans. It said it had a “contractual right” to move UMG’s listing to the United States. But the company released a statement on Saturday disputing that claim.
UMG has been listed on the Euronext Amsterdam Exchange since its listing in 2021. Pershing Square owns 10.25% of UMG stock.
“I will seek approval from the board of Pershing Square Holdings, in which I and my family own 23%, to delist the company from the Euronext Amsterdam exchange,” he wrote. , said the board was considering such a thing. The motion said: “The events in Amsterdam over the past 24 hours provide an appropriate turning point for this conclusion.
“Pershing Square has the contractual right to take UMG public in the United States,” he continued. “We intend to exercise this right and achieve UMG’s U.S. listing within the next year at the latest.”
In a response Saturday, a UMG representative said in Ackman’s post that “neither UMG nor other board members were involved in developing the position,” followed by the following statement: “As disclosed in UMG’s listing prospectus, Mr. Pershing has the right to request listing in the United States, provided that the Pershing entities sell at least $500 million of UMG stock as part of the listing. Pershing does not have the right to require UMG to become a US-based company or be delisted from Euronext Amsterdam.
“While we will endeavor in good faith to comply with our contractual obligations related to proceeding for a U.S. listing at Pershing’s request, we will not take any actions or decisions beyond those necessary for compliance (including Pershing’s decision to change its address “Company) is determined based on an analysis that considers what will maximize value and be in the best interest of all of the company’s shareholders. ”
Ackman said moving publicly traded UMG’s headquarters from Amsterdam to the United States would have “very material benefits” and that “leaving a jurisdiction that cannot protect tourists or minorities is a good business and moral move.” “It combines both of these principles.”
According to Reuters, Amsterdam Mayor Femke Halsema said Maccabi Tel Aviv fans were “attacked, abused and had fireworks thrown at them” around the city on Thursday night, and riot police were protecting them. He said he intervened to escort him to a hotel. At least five people were treated in hospital. Videos on social media showed the assailants shouting anti-Israel slurs. The footage also showed Maccabi Tel Aviv supporters chanting anti-Arab slogans before Thursday night’s match.
