Bill Ackman declared on X that he is trying to move UMG from Amsterdam’s Euronext stock exchange to the New York Stock Exchange (NYSE) or Nasdaq by the end of 2025. The billionaire activist investor’s Pershing Square Holdings owns 10.25% of UMG stock and will exercise its “contractual right to cause UMG to be listed in the US.”

Ackman sits on UMG’s board and has begun the discussions internally about moving its domicile and listing to the U.S., though Pershing has not formally exercised its re-listing demand yet. Once they do, they’ll have 120 days to file with the SEC.

His stated financial reasoning is that “UMG trades at a large discount to its intrinsic value with limited liquidity in significant part due to it not having its primary listing on the @NYSE or @NasdaqExchange and not being eligible for S&P 500 and other index inclusion.”

Despite some fluctuations since being spun out in 2021, the stock has largely hovered around its initial listing price. It closed 11/8 at €23.71.

Ackman, who is Jewish and married to an Israeli, cited the shocking and brazen overnight 11/7 attacks on Jewish and Israeli citizens in Amsterdam following a soccer match as the “tipping point” in his decision. “Leaving a jurisdiction that fails to protect its tourists and minority populations combine both good business and moral principles. We can also save money and improve liquidity for shareholders to boot.”

According to sources, Ackman is acting unilaterally.