Ackman, through his Pershing Square hedge fund, had offered in April to take over UMG in a deal valuing the music giant at around €55 billion. But UMG says that the offer “fundamentally and materially undervalues UMG and will not deliver superior value creation.” [Link: Universal Music Group N.V. Board of Directors Declines Unsolicited Pershing Square Proposal | https://www.prnewswire.com/news-releases/universal-music-group-nv-board-of-directors-declines-unsolicited-pershing-square-proposal-302785949.html | PR Newswire]