April 7, 2026 / 7:10 AM EDT / CBS/AFP Add CBS News on Google American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced Tuesday that it had offered to buy Universal Music Group in a merger, saying it believed the world's biggest music label was undervalued by stock markets. Pershing Square said its offer to Universal shareholders included 9.4 billion euros ($10.9 billion) in cash plus 0.77 shares in the new entity for each UMG share. After a merger with Pershing Square SPARC Holdings, an acquisition company, the new entity would be listed on the New York Stock Exchange. Universal currently trades on the Amsterdam Stock Exchange. The Reuters news agency says Pershing Square's cash-and-shares offer values Universal Music at around 30.40 euros ($35) per share, 78% over its last closing price of 17.10 euros and making the deal worth 55.75 billion euros ($64.31 billion).…