The SEC Spooked Ackman But Won't Stifle Novel SPAC Deals
Law360 (July 19, 2021, 8:01 PM EDT) -- The termination of Bill Ackman's unconventional special purpose acquisition company agreement with music giant Universal Music Group serves as a cautionary tale for what can happen when trying untested structures that haven't been accepted by regulators, yet it likely won't stop deal makers from getting creative with SPACs.
The billionaire pulled the planned transaction on Monday due to concerns raised by the U.S. Securities and Exchange Commission over "several elements" of the proposed deal, although no further specifics were disclosed.
Ackman's SPAC, Pershing Square Tontine Holdings Ltd., was set to buy a 10% stake in Vivendi SE's Universal Music Group. Instead,...
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