A major shareholder in Universal Music Group has publicly opposed Bill Ackman's $65 billion takeover bid for the world's largest music company.

The chief executive of Bollore Group called on Universal Music Group to reject the acquisition offer from Ackman's Pershing Square Capital Management. Bollore Group holds a significant stake in the record label that represents artists including Taylor Swift, Drake, and The Beatles.

Ackman's bid values Universal Music at approximately $64-65 billion, according to different reports. The hedge fund manager's Pershing Square has been building a position in various entertainment and media companies in recent years.

Universal Music Group, which went public in 2021, is controlled by French media conglomerate Vivendi. The company has been one of the beneficiaries of the streaming music boom, with revenues growing as platforms like Spotify and Apple Music expand globally.

The opposition from Bollore adds a significant hurdle to any potential deal, as major shareholders' support would be crucial for completing such a large-scale acquisition. Universal Music's board has not yet publicly responded to either Ackman's bid or Bollore's call to reject it.