Pershing Square Tontine Holdings, a blank-cheque company led by hedge-fund manager William Ackman, said it won’t proceed with its proposed acquisition of a 10% stake in Universal Music Group and will assign its share-purchase deal to Pershing Square Holdings.

Vivendi SE — Universal’s majority owner — said it approved Pershing Square Tontine’s request to assign its rights and obligations under a June 20 agreement to investment funds with significant economic interests or management positions held by Ackman.