Universal Music Group Files for Public Offering
Netherlands-based music conglomerate says it has filed a confidential registration statement with the SEC proposing the offering
- Universal Music Group confidentially filed for a U.S. public offering with the Securities and Exchange Commission.
- The music conglomerate will not receive proceeds from the sale of ordinary shares by the selling shareholders.
- Pershing Square can request UMG to list in the U.S. if it sells at least $500 million in stock as part of the offering.
Universal Music Group UMG 0.30%increase; green up pointing triangle filed for a public offering in the U.S.
The Netherlands-based music conglomerate said Monday it had filed a confidential registration statement with the Securities and Exchange Commission proposing the offering.
UMG won’t receive any proceeds from the sale of ordinary shares by the selling shareholders, it said. The number of shares and price range for the offering haven’t yet been determined.
UMG, which owns the record label behind Taylor Swift and Lady Gaga, trades on the Euronext Amsterdam exchange and is up 10% this year.
UMG and Bill Ackman’s Pershing Square have an agreement that Pershing Square can request UMG to list in the U.S. if it sells at least $500 million in stock as part of the offering. In January, UMG said Pershing Square had exercised its right and the music company aimed to carry out an offering of certain Pershing-owned shares by September. Ackman resigned from his role on UMG’s board of directors in May.