iWorld
Google Pakistan domain challenged as illegal
NEW DELHI: Even as a complaint has been filed against Google for running the domain name .pk without registering the trademark and without having an office in Pakistan, it is learnt that several multi-national companies refuse to open offices in the country as the government refuses to give any guarantee for safety of employees.
The Intellectual Property Rights Organisation in Pakistan has sent notices to central ministries and security agencies following the complaint against Google, according to an American-based Pakistani website.
ce has been sent to the Information and Technology Ministry, the Pakistan Telecommunications Authority, the Security and Exchange Commission and Google.
The complaint was filed by Information Technology industry’s Dr Kamal Muzaffar who said Google was generating illegal revenue from Pakistan without getting registered in the country.
He alleged that Google had not been paying taxes in Pakistan, thus generating illegal money.
Interestingly, multi-national technology companies such as Microsoft, Samsung, and Google do not have any regional office in the country and all of them only have representative offices which do not have the power for taking decisions.
All these companies want the Pakistan government to provide for security for their employees as a pre-requisite before setting up offices in the country.
iWorld
Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
