Sunday, July 25

Pershing Square

Bill Ackman, Billionaires, m&a, Markets, MI Exclusive, Pershing Square, PSTH, SPAC, UMG, Universal Music, Vivendi

Bill Ackman’s PSTH scraps Universal Music deal after SEC pushback —but the billionaire investor is still buying a stake

Bill Ackman's PSTH won't buy 10% of Universal Music for about $4 billion after SEC pushback. The billionaire investor's Pershing Square funds will purchase a stake in Universal instead. PSTH now plans to pursue a conventional SPAC transaction. See more stories on Insider's business page. Bill Ackman has scrapped his plan to buy 10% of Universal Music for $4 billion using his special-purpose acquisition company ( SPAC ) after federal regulators poured cold water on the proposed transaction, the billionaire investor told Pershing Square Tontine Holdings ...