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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Breakingviews TV: Ackman’s SPAC | Reuters VideoWatch: A shareholder claims Bill Ackman’s blank-check vehicle has acted like an investment firm and should be governed as such. Regulators have been slow to put up guardrails for SPACs; for now this one appears to be getting a bit stale, TheRealLSL says.
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Bill Ackman’s SPAC is a treat that is going moldyA shareholder is suing the hedge fund manager, claiming his blank-check company acted like an investment company and should be governed as such. U.S. regulatory ambiguity creates scope for such disputes. Clearer guidelines would help, but for now, some managers will be deterred.
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Breakingviews TV: Ackman’s SPAC | Reuters VideoWatch: A shareholder claims Bill Ackman’s blank-check vehicle has acted like an investment firm and should be governed as such. Regulators have been slow to put up guardrails for SPACs; for now this one appears to be getting a bit stale, TheRealLSL says.
Weiterlesen »
Bill Ackman’s SPAC is a treat that is going moldyA shareholder is suing the hedge fund manager, claiming his blank-check company acted like an investment company and should be governed as such. U.S. regulatory ambiguity creates scope for such disputes. Clearer guidelines would help, but for now, some managers will be deterred.
Weiterlesen »
Topps SPAC merger with Mudrick Capital dies because MLB killed 70-year-old trading card dealTopps had been the trading card partner of Major League Baseball since 1952. Its SPAC merger with Mudrick Capital just blew up.
Weiterlesen »