Bill Ackman's audacious $64 billion bid to take over Universal Music Group just hit a very public wall. Cyrille Bolloré, CEO of Bolloré SE and a key figure in the family that controls a huge chunk of UMG, told shareholders on Wednesday that the price simply isn't there.

Speaking at Bolloré's annual shareholder meeting, Bolloré advised Universal Music Group (OTC: UNVGY) to reject Ackman's unsolicited offer, arguing it undervalues the music giant and doesn't fit with the company's long-term plans. The Bolloré family owns 18.4% of UMG, and together with Vivendi (OTC: VIVHY), which holds a 13.4% stake, they have enough voting power to block the deal. (Vivendi was once UMG's parent but now holds less than a 10% stake after the 2021 spin-off.)

Bolloré didn't mince words. "We think the price is not there at all," he said. "He (Ackman) is not making an offer with his own money. It is our money, the company's money." He urged UMG's management to reject the proposal, adding that he already considers it effectively turned down.

This is the first major public response from a UMG shareholder to Ackman's bid, and it's a stark contrast to the story Ackman had been telling investors. Before launching the bid, Ackman approached Vincent Bolloré, the family patriarch, and later said the response was "music to my ears" and that the Bolloré camp was "intrigued" by the proposal. "Without Bollore, we don't have a transaction," Ackman had said, acknowledging the family's pivotal role. His plan would have shifted UMG's stock listing from Amsterdam to the New York Stock Exchange.

But Cyrille Bolloré's comments suggest the family is far from sold. He criticized Ackman's management style and expressed support for UMG's current expansion and acquisition strategy. He did leave a tiny door open, saying his firm might sell a "few percent" of UMG shares—but only at a higher price.

The timing is awkward for Ackman, who is already dealing with a rough patch for his own investment vehicles. Pershing Square USA (NYSE: PSUS) shares have fallen over 32% from their post-IPO peak of $54.94 in May to $37.07. Ackman has explained the drop as a result of unusual late-day trading dynamics and a retail-heavy investor allocation. His team prioritized retail investors with full allocations while cutting institutional allocations—the opposite of a typical IPO structure. The combined $5 billion offering priced shares at $50 each and included special incentives: investors received one Pershing Square Inc. (NYSE: PS) share for every five PSUS shares purchased, while cornerstone buyers got 1.5 PS shares for every five PSUS shares.

For now, Ackman's UMG dream looks like it's on hold. The Bolloré family's public opposition makes a deal unlikely unless Ackman can come back with a much higher offer—and perhaps a different financing structure. As Bolloré made clear, this isn't just about price; it's about who's putting up the money.