Ackman Exits UMG Board But Keeps a Door Open

Bill Ackman stepped down from Universal Music Group's board after his $60 billion takeover bid failed. But his firm, Pershing Square, still holds the right to buy an additional 2.9% of UMG shares by September at a locked-in price. That option—a remnant of earlier deals—suggests Ackman isn't finished with UMG yet, and could complicate the company's future capital plans through potential dilution.