Universal Music, home to Taylor Swift and Drake, receives €55bn takeover offer

Bill Ackman's Pershing Square claims world's biggest music company has suffered because of delay of US listing

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Billionaire Bill Ackman's hedge fund has offered to buy Universal Music Group (UMG) in a deal that values the world's biggest music company at about 55bn (48bn).

Pershing Square, the New-York based hedge fund, has made a bid for the business, which is home to artists including Taylor Swift and Elton John, with a cash and stock deal that would move its stock market listing from Amsterdam to New York.