Bill Ackman's hedge fund Pershing Square Capital Management has proposed a cash-and-stock bid for Universal Music Group, valuing the music company at roughly $65 billion. The proposal would give shareholders about $10.85 billion in cash and 0.77 shares of new stock per share. Shares of UMG rose by about 11% following the announcement. Ackman argued that the company's stock has underperformed due to unrelated issues unrelated to its core music business. The deal would create a new entity listed on the New York Stock Exchange and require a new employment agreement and compensation package for CEO Lucian Grainge.