Cyrille Bollore, CEO of Bollore Group, urged Universal Music Group's management to reject Bill Ackman's takeover proposal, citing three key objections: the price was too low, the deal used UMG's own money, and Ackman's management style was incompatible.
Bollore told shareholders, 'We think the price is not there at all. He is not making an offer with his own money. It is our money.' He added that Ackman's approach is too abrupt.
Bollore's backing is pivotal, as his stake in UMG effectively gives him veto power.
