Pershing Square Capital Management founder Bill Ackman, has placed the success of his proposed $64bn bid for Universal Music Group heavily on the position of French billionaire Vincent Bolloré, the company’s largest influential shareholder, according to a report by the Financial Times.

Ackman said his initial outreach ahead of the proposal included direct contact with Bolloré, describing the response from his camp as cautiously receptive. Bolloré and entities linked to him control just under a third of Universal Music Group, giving him significant sway over any potential transaction.

The bid offers Universal shareholders the option to either receive cash or roll their holdings into a new US-listed entity. However, the deal’s viability is widely seen as dependent on whether Bolloré supports or at least does not oppose the structure.

Bolloré’s influence stems from his complex media and industrial holdings, including stakes held through Vivendi and related entities. Over decades, he has built a reputation for strategic, long-term positioning across media assets, often maintaining strong control even without outright ownership.

Market observers note that Bolloré has historically taken a hands-on approach to value creation across his portfolio, but has also shown unpredictability in major strategic decisions. This has left investors uncertain about how he will respond to Ackman’s proposal.

Universal Music Group, home to major artists such as Taylor Swift, Billie Eilish and Kendrick Lamar, has so far said its board is reviewing the unsolicited offer.

Analysts have also questioned whether the bid fully reflects the company’s value, suggesting that Bolloré and his affiliates may be reluctant to accept terms perceived as undervaluing their long-held stake.

Ultimately, the outcome of Ackman’s approach is expected to hinge on whether Bolloré views the proposal as enhancing long-term value without diminishing his group’s strategic influence over one of the world’s largest music companies.