Cyrille Bolloré, CEO of the Bolloré Group and largest shareholder in Universal Music Group (UMG), has publicly urged UMG to reject billionaire investor Bill Ackman's $64 billion acquisition proposal, asserting that the offer significantly undervalues the company. During a recent market day event, Bolloré criticized Ackman's bid, stating, "the price is not there at all" and emphasized that Ackman is not investing his own money but rather the company’s. He firmly encouraged UMG's management to dismiss the proposal, asserting that it is effectively rejected from his perspective. Ackman’s proposal, first issued in April, suggested relocating UMG's stock listing from Amsterdam to the New York Stock Exchange, aiming to address perceived issues affecting UMG's share price. In response to the proposal, UMG's board had previously stated that it would not comment further until a review was conducted, but expressed full confidence in its strategy and the leadership of Sir Lucian Grainge.