Investing.com -- Cyrille Bollore, chief executive of Bollore Group, said Wednesday he is encouraging Universal Music Group management to reject an acquisition offer from Bill Ackman's Pershing Square.

Speaking at Bollore Group's annual shareholders meeting, Bollore said the price offered by Pershing Square "is nowhere near good enough." He also questioned whether Ackman's approach aligns with Universal Music Group's corporate culture.

Bollore Group holds a stake in Universal Music Group, the world's largest music company.