May 29 (Reuters) - Universal Music Group's

board on Friday declined an unsolicited takeover proposal from

Bill Ackman's Pershing Square.

In April, Pershing Square had proposed a cash-and-stock

offer through its acquisition vehicle, valuing Universal Music

at around €30.40 per share and making the deal worth €55.75

billion ($65.03 billion), according to Reuters calculations.

Universal rejected Pershing's bid, stating that the proposal

"fundamentally and materially undervalues UMG and will not

deliver superior value creation," adding that it was "not in the

best interests of UMG, its shareholders, artists, songwriters,

employees and other stakeholders."

Pershing did not immediately respond to a Reuters request

for comment.

Universal Music Group - the company behind international

superstars including Taylor Swift, Billie Eilish and Kendrick

Lamar - is expected to move its listing to New York from

Amsterdam, paving the way for more investors, including index

funds, to own the company and ultimately lead to more robust

earnings and a higher valuation.

Ackman initially pursued Universal Music Group in 2021 in a

deal through a shell corporation designed to take a private

company public, but dropped it after U.S. regulatory scrutiny.

Pershing Square instead became a major UMG investor, and Ackman

served on its board until last year.

($1 = 0.8573 euros)