American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger, saying it believed the world's biggest mu...

Bill Ackman’s cash-and-shares offer for Universal Music Group — with a headline price of €55bn — has the reverse problem.

The proposed bid would see shareholders receive $10.85 billion in cash and 0.77 shares of stock in the new company for each share of UMG held.