Universal Music Group has declined a massive multi-billion dollar takeover proposal by hedge fund manager Bill Ackman. According to Variety , the record company announced on Friday (May 29) that the unsolicited offer by Ackman’s Perishing Square Capital was rejected. The offer was originally made on April 7 and was urged to be declined by key UMG shareholder Cyrille Bollore. Pershing Square Capital’s offer included $10.9 billion in cash, along with shares that raise the total consideration to nearly $35 per share. In a memo, it was shared by UMG’s board of directors that the proposal was "not in the best interests of UMG, its shareholders, artists, songwriters, employees and other stakeholders." "The Board has taken the time to fully assess the proposal submitted by Pershing Square," the announcement continued.…