[ad_1]

Bill Ackman’s Pershing Square was forced to restructure a $4 billion deal to buy a 10% stake in Universal Music, the company Taylor Swift The company behind the artists, the US regulators opposed the initial form of the deal.

Pershing agreed last month to buy shares from Universal’s owner Vivendi through a special purpose acquisition company called Pershing Square Tottine Holdings.But in one statement On Monday, Ackerman’s company said that the US Securities and Exchange Commission had found problems with the transaction.

Pershing said on Monday: “The reason we decided to seek an alternative initial business combination (IBC) is that the SEC raised questions related to several elements of the proposed transaction-in particular, whether the structure of our IBC complies with the New York Stock Exchange regulations.”

It added: “However, although PSTH was unable to complete the UMG transaction, our counterparty was not left on the altar. Pershing Plaza will fulfill PSTH’s commitment to Vivendi.”

It stated that Pershing Plaza plans to become a long-term shareholder of Global, and Global will be listed in Amsterdam.

[ad_2]

Source link

Leave a Reply