Bill Ackmans special-purpose acquisition company has abandoned plans to buy a $4bn stake in Universal Music Group after a backlash from regulators and investors.
The acquisition of a 10 per cent stake in Universal Music, home to artists such as Taylor Swift and Lady Gaga, will instead be done by the billionaires Pershing Square hedge fund.
The restructuring marks the end of Ackmans efforts to strike a first-of-its-kind deal by a Spac after agreeing last month to buy the stake from Vivendi, Universals owner.
That deal, which had been struck by his Spac called Pershing Square Tontine Holdings, will now be completed by entities controlled by his Pershing Square hedge fund.
In a letter to PSTH investors on Monday, Ackman blamed problems th…
Read the full article at: https://www.ft.com/content/e819d8c9-2f0f-43f5-a652-1dd216da31f1