Bill Ackman rejigs Universal deal after regulators probe SPAC plan

, but Ackman's decision to use a SPAC to buy a minority stake raised eyebrows from the get go, after deviating from the usual investment pattern for such vehicles.

Pershing Square Tontine Holdings , Ackman's SPAC, said in a statement the U.S. Securities and Exchange Commission had raised issues with several elements of the deal, without disclosing them. "We underestimated the reaction that some of our shareholders would have to the transaction's complexity and structure," Ackman said in a PSTH release."Our counterparty was not left at the altar," Ackman added.

Amid the SPAC deal frenzy, the SEC has begun to probe several aspects of the vehicles, including the way they are marketed and project growth forecasts, and potential conflicts of interest among their advisers.

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Bill Ackman SPAC Drops Deal for 10 Percent Universal Music StakeInvestor Bill Ackman’s special purpose acquisition company (SPAC) Pershing Square Tontine Holdings said it had dropped a deal to acquire a 10 percent stake in Vivendi’s Universal Music Group. Viven…
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Bill Ackman’s Pershing Square drops deal to buy 10% of Universal MusicBillionaire investor Bill Ackman's blank-check company said Monday it had dropped a deal to buy 10% of Vivendi's flagship Universal Music Group. Pershing Square Tontine Holding. Pershing Square is still buying a stake. My wife's name is Hell and BillAckman makes her COME so hard! $psth Wow. I wonder if this will help to lift his SPAC's beaten-down price. PSTH has languished since the Universal deal was announced.
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