(Updates with Pershing's reply to a request for comment in the last paragraph.)
Pershing Square (PS) will sell about 80.6 million shares in an overnight placing, as Bill Ackman's hedge fund looks to exit its position in Universal Music Group, Bloomberg reported Wednesday, citing a statement.
The sale comes days after Universal Music rejected Pershing's takeover bid, the report said. Bank of America (BAC) is marketing the shares at a range of 17.66 euros ($20.48) to 18.62 euros each, the report said, citing the terms that it viewed.
Pershing Square declined to comment, while Universal Music didn't immediately reply to a request for comment from.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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