Pershing Square to Delist from Euronext Amsterdam as Bill Ackman Steps Up Pressure on UMG
Pershing Square Holdings has formally initiated plans to delist from Euronext Amsterdam, following CEO Bill Ackman's urgent recommendation to the board last month. The decision comes after recent antisemitic attacks against Israeli soccer fans in Amsterdam, which resulted in five hospitalizations and multiple arrests.
The move holds significant implications, particularly given Ackman's 23% family stake in the investment holding company. Pershing Square will maintain its trading presence on the London Stock Exchange, dealing in both dollars and pounds. Chairman Rupert Morley emphasized that this strategic shift aims to streamline regulatory processes and enhance liquidity.
Bill Ackman speaking on stage
Photo Credit: Senate Democrats / CC by 2.0
The development raises questions about Universal Music Group (UMG), where Pershing Square holds a 10.25% stake. UMG, which listed on Euronext Amsterdam in 2021, has confirmed no prior consultation with Ackman regarding his public call for their delisting.
According to UMG's listing prospectus, Pershing Square can request a U.S. listing if they sell at least $500 million in UMG shares as part of the process. However, UMG maintains that Pershing cannot force a U.S. domicile change or Amsterdam delisting.
UMG's official stance emphasizes that while they will honor contractual obligations regarding a potential U.S. listing process, any additional actions will be evaluated based on maximizing value for all shareholders.
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