Bill Ackman comments on Pershing's bid for Universal Music Group

Bill Ackman, head of Pershing Square Holdings at Tuesday's conference call:

• Ackman: called Bolloré yesterday and said deal was “music to his ears” – conf call
• Ackman says “without Bolloré, we don’t have a transaction”
• Ackman says no shareholder vote has been called, can’t speak for any shareholder
• Pershing Square would finance the transaction, in part, by selling Universal’s stake in Spotify
• Pershing Square estimates merger could be completed by the fourth quarter of the year
• Ackman says he has not decided which Pershing Square representatives will sit on the board
• Ackman says he is not cutting the current dividend, but will grow dividend at 2% per annum over time

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