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Ackman SPAC Decides Against Buying 10% Stake in Universal Music Group

Universal Music’s headquarters in Santa Monica, Calif., earlier this year.



Photo:

Bing Guan/Bloomberg News

Pershing Square Tontine Holdings Ltd.


PSTH -1.81%

said it has decided not to buy a 10% stake in Universal Music Group and will assign its share-purchase deal to Pershing Square Holdings Ltd.

Vivendi SE


VIVHY -0.72%

said it approved Pershing Square Tontine’s request to assign its rights and obligations under a June 20 agreement to investment funds with significant economic interests or management positions held by

William Ackman.

On June 20, Pershing Square Tontine agreed to buy 10% of the ordinary shares of Universal Music in a deal valuing the world’s largest music company at about $40 billion.

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Ackman SPAC Decides Against Buying 10% Stake in Universal Music Group Source link Ackman SPAC Decides Against Buying 10% Stake in Universal Music Group

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