Bill Ackman

"Its management had 'done an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance'."

"Universal had 'dramatically underperformed' in several key US and world stock indexes."

"Without Bollore, we don’t have a transaction."

"The response from Universal’s biggest shareholder to his overtures was 'music to my ears'."

""Without Bollore, we don't have a transaction.""

""music to my ears""

"Notably, none of the above issues relate to the company's execution of its music business, and importantly, all of the above issues can be addressed in a merger transaction."