Bill Ackman said he has already re-engaged with a potential target for his remaining blank-check company after reaching a deal to buy a 10% stake in Universal Music Group for $4 billion before its spinoff from Vivendi SE this year, Bloomberg reports.
As part of the deal with Vivendi, investors in Ackman’s blank-check company, Pershing Square Tontine Holdings, will not only receive shares in Universal Music but will also retain common stock in Ackman’s remaining blank-check company, which he refers to as “Remainco.” They will also receive warrants in a soon-to-be-listed third vehicle, a special purpose acquisition rights company, or SPARC, which will give them an option to participate in future deals. Read more.
