- Investment group Pershing Square said it had dropped a bid to acquire 10% of Vivideni's Universal Music.

Pershing Square said its board had unanimously determined not to proceed with the transaction.

It said the decision was driven by issues raised by the Securities and Exchange Commission with several elements of the proposed deal, in particular, whether it complied with listing rules.

'While we are disappointed with this outcome, we continue to believe that the unique scale and favorable structure of PSTH will enable us to find a transaction that meets our standards for business quality, durable growth, and a fair price,' the company said.

'We are highly economically and reputationally motivated to consummate a successful transaction. We will, however, only complete a deal that meets our high standards.'

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