Law360 (June 11, 2021, 7:43 PM EDT) -- Hedge fund titan Bill Ackman's multilayered proposal to acquire a minority stake in music giant UMG through his special purpose acquisition company, while also enabling future acquisitions, seeks to rewrite the SPAC playbook through several complicated steps that could spur imitators.
Ackman recently confirmed that Pershing Square Tontine Holdings Ltd., a record-breaking SPAC formed last year that raised $4 billion through an initial public offering, is in discussions to acquire 10% of Universal Music Group BV for about $4 billion. If consummated, this deal would depart from the typical path of SPACs, which are shell entities that raise money in IPOs...
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