Bill Ackman 的 Pershing Square 提议以约550亿欧元收购 Universal Music Group，建议每股UMG支付5.05欧元现金（合计94亿欧元）并另加0.77股于新上市的 Pershing 载体，并在出售 Spotify 后将上市地点移至纽约并加入杠杆。其过往历史曲折：2014年 Valeant-Allergan 构想在巨大亏损后崩溃，2015年 Canadian Pacific 出价收购 Norfolk Southern 亦告失败。NYSE 首次上市计划前后不一——2024年因折价担忧被否决，之后于上月重启。此时 Howard Hughes 以21亿美元收购保险公司，以及一个失败的40亿美元疫情期间 SPAC，加深了市场质疑，批评者说估值的一部分来自「空白支票」式提振，而非纯现金支付。
Evercore 正在透过挖角JPMorgan资深人士 Eric Rabinowitz 与 Ben Carpenter 扩张其医疗保健业务线，竞争对手也在抢夺银行家以满足交易需求。Dealogic 显示医疗保健交易量第一季达到1660亿美元，并且预计到2030年品牌药药品专利到期金额将达3000亿美元，推动大型制药公司转向生技与服务交易。在此背景下，Intra-Cellular Therapies 以146亿美元出售予 Johnson & Johnson，以及 Evercore 目标的 Team Services 3十亿美元估值案例便形成参照。另有对冲基金也在伊朗能源风险下对欧洲建立创纪录空头头寸，同时彭博称有数百万中国借款人房贷处于负净值（underwater）状态。
Private equity remains in a record phase: firms hold nearly $4tn unsold investments and secondaries funds raised a record $166bn last year. Demand for secondaries is tied to difficulty exiting older portfolios, so funds buy stakes from cash-pressed investors or aged buyout vehicles. Reported outperformance can look strong—about 50% above underlying funds—through discounted near-exit entries plus leverage, including external borrowing, investing above paid-in value on expected future cash flows, and seller financing. Accounting treatment then allows acquired stakes to be quickly marked to original book value, generating sharp early returns that often fade as exit horizons lengthen. Retail-focused evergreen structures are contentious when initial gains of 20%-25% may not persist.
Bill Ackman’s Pershing Square offered to buy Universal Music Group at about €55bn, proposing €5.05 cash per UMG share (€9.4bn total) plus 0.77 shares in a listed Pershing vehicle, moving the listing to New York after selling Spotify and adding leverage. His history is checkered: the 2014 Valeant-Allergan plan collapsed after heavy losses, and the 2015 Canadian Pacific bid for Norfolk Southern failed. The NYSE IPO plans are inconsistent—rejected in 2024 over discount fears, then relaunched last month. Meanwhile Howard Hughes’ $2.1bn insurer buyout and a failed $4bn pandemic SPAC reinforce skepticism, and critics say part of valuation is a blank-cheque uplift rather than pure paid-for cash.
Evercore is expanding healthcare coverage by hiring JPMorgan veterans Eric Rabinowitz and Ben Carpenter, while rivals are also poaching bankers to meet transaction demand. Dealogic puts healthcare volume at $166bn in the first quarter, reinforced by projected $300bn of branded-drug patent expiries by 2030 that push large pharma toward biotech and services deals. That context frames the $14.6bn Intra-Cellular Therapies sale to Johnson & Johnson and Evercore’s $3bn-valued Team Services pitch. Hedge funds also built record shorts on Europe amid Iran-related energy stress, while Bloomberg says millions of Chinese borrowers are underwater on mortgages.