Pershing Square’s non-binding proposal values UMG at €30.40 per share, a 78% premium to its last closing price. Ackman argues the world’s largest music label has been undervalued by structural factors, including the Bolloré Group’s 18% stake and the postponement of a US listing, that have nothing to do with its underlying business. Bill Ackman’s […]This story continues at The Next Web