🔴 Pershing Square Inc. is trading 5.05% down today after Universal Music Group rejected its $65 billion takeover proposal

Pershing Square Inc. is trading at $35.50 (-5.05%) after Universal Music Group’s board unanimously rejected a roughly $65 billion takeover proposal from Bill Ackman’s Pershing Square Capital Management.

• The move follows a weaker prior session as the stock closed at $37.39 on June 1.
• The board's decision was unanimous, ending the bid for the music giant which had previously seen the stock trade flat in earlier takeover headlines.