Billionaire Ackman's Blank-Check Co. Lifts Record IPO To $4B
Law360 (July 13, 2020, 9:34 PM EDT) -- A blank-check company launched by billionaire investor William Ackman's hedge fund Pershing Square upped the price for its initial public offering to $4 billion Monday, further securing its status as the largest ever blank-check vehicle, in a deal advised on by Cadwalader Wickersham & Taft LLP and Ropes & Gray LLP.
Cadwalader-guided Pershing Square Tontine Holdings Ltd. initially told the U.S. Securities and Exchange Commission in June that it was offering 150 million units to raise $3 billion to invest in "mature unicorns," or venture capital-backed companies that "have achieved significant scale, market share, competitive dominance and cash flow."
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