Bill Ackman’s Persing Square to buy a 10% stake in Universal Music, the company behind artists such as Taylor Swift, after US regulators opposed the original form of the deal 40 I was forced to rebuild a billion dollar deal.
Pershing last month agreed to purchase shares from Universal owner Vivendi through a special-purpose acquisition company called Pershing Square Tontine Holdings. But, statement On Monday, Acman’s company said the Securities and Exchange Commission had found a problem with the transaction.
“Our decision to seek an alternative Initial Business Combination (IBC) was raised by the SEC on several elements of the proposed transaction, especially whether the structure of the IBC is eligible under NYSE rules. It was driven by a problem, “Pershing said on Monday.
“Even though PSTH was unable to complete the UMG transaction, our counterparty was not left on the altar. Persing Square will fulfill PSTH’s commitment to Vivendi.”
Persing Square will become a long-term shareholder of Universal, which will be listed on Amsterdam.
Bill Ackman was forced to rebuild his Universal Music deal
Source link Bill Ackman was forced to rebuild his Universal Music deal