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Bill Ackman’s Pershing Square has been forced to restructure a $ 4 billion deal to buy a 10% stake in Universal Music, the company behind artists like Taylor Swift, after U.S. regulators were opposed to the original form of the agreement.
Pershing had agreed last month to buy the stake in Universal-owned Vivendi through a special-purpose acquisition company called Pershing Square Tontine Holdings. But in one statement on Monday, Ackman’s company said the Securities and Exchange Commission had found problems with the transaction.
“Our decision to seek an alternative initial business combination (IBC) was driven by issues raised by the SEC with various elements of the proposed transaction, in particular whether the structure of our IBC was rated according to NYSE standards. “Pershing said Monday.
He added: “Despite PSTH’s inability to complete the UMG transaction, our counterpart was not left on the altar. Pershing Square will fulfill PSTH’s commitment to Vivendi. “
He said Pershing Square planned to be a long-term shareholder in Universal, which should be listed in Amsterdam.
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