(Reuters) - Universal Music Group (AS:UMG) said on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.
In November, Ackman said he would seek to relocate both his own investment firm Pershing Square and UMG - whose roster of stars includes Taylor Swift - away from Amsterdam, following attacks on Israeli soccer fans in the city.
He has also previously reduced his stake in UMG to 7.48% from 10%, according to data compiled by LSEG, after the record label denied his request to delist from Euronext (EPA:ENX) Amsterdam.
UMG, in November, said that Pershing Square had the right to request a U.S. listing, provided that a Pershing entity sells at least $500 million worth of its shares as part of the listing.
However, this right does not require the record label to become a U.S.-domiciled company or to delist from Euronext Amsterdam, the company had added.
UMG has now said it would launch an underwritten offering for the sale of certain shares owned by Pershing by Sept. 15.
"We waived the 120-day filing requirement and extended the date to mid-September in order for UMG to have an appropriate amount of time to complete the listing and offering in a manner best for the company and its shareholders," Ackman said in a post on X.
Pershing Square delisted its shares from Euronext Amsterdam in December.