Universal Music Is Trading at Just Two Thirds of Ackman’s Offer

Three days after Bill Ackman pitched a deal for Universal Music Group NV that he estimates values the record label giant at €56 billion ($66 billion), the Dutch company’s stock remains steadfastly below the offer price.

The shares traded at €19.30 in Amsterdam on Friday, a far cry from the €30.40 that Ackman said his deal is worth. The gap reflects skepticism among analysts and investors that his Pershing Square Capital Management can secure the support it needs from two thirds of shareholders to get the deal over the line.