Bollore's (XPAR:BOL, Financial) stock responded well to the news that Universal Music Group (UMG) would be publicly traded by year-end and another solid earnings report. We think the company could be in the early stages of unlocking significant additional value by simplifying its corporate structure or better highlighting its value.
From the Yacktman Focused Fund (Trades, Portfolio)'s first-quarter 2021 shareholder letter.
