On June 10, 2021, Artisan Partners announced that it is opposing Vivendi SE’s plan of spin-off of Universal Music Group, including the proposed deal with Bill Ackman's Pershing Square Tontine Holdings. David Samra of Artisan Partners also stated that selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision and that it would prefer that the Company spin off its entire ownership of UMG to the shareholders in a tax efficient manner. In addition, Glass Lewis and ISS had recommended for Vivendi shareholders to vote in favour of the spin-off plans.