Universal Music Group, the entertainment giant behind acts such as Taylor Swift, Sabrina Carpenter and Kendrick Lamar, has rejected a takeover offer by billionaire Bill Ackman's investment firm. The music giant said Pershing Square's $64.3bn (£48bn) takeover offer was "not in the best interests" of the company, shareholders, artists, fans and other stakeholders. Universal said the offer "fundamentally and materially undervalues" the business, which also runs Abbey Road Studios and owns labels