Bill Ackman’s SPAC inconveniences everyone, TheRealLSL writes.
On Aug. 19, investor Bill Ackman sent a letter to the shareholders of his blank-check firm, Pershing Square Tontine Holdings, saying he was seeking changes to the structure of the vehicle. The change addressed some “overhang” from a shareholder lawsuit filed earlier this week.
While Ackman said the lawsuit was without merit, he said that it could not be resolved quickly and noted that PSTH has just 11 months to find an acquisition. Instead, Ackman hopes to give investors a warrant in a new structure, called a SPARC, that gives them the right to invest in a merger with a private company once a target has been announced.
On July 19, PSTH said it had decided not to go ahead with a planned acquisition of 10% of Vivendi's Universal Music.Activist investor Bill Ackman, chief executive of Pershing Square walks on the floor of the New York Stock Exchange November 10, 2015.
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