Deals
Ackman Abandons Universal Music SPAC Deal After SEC Backlash
- Billionaire to buy stake with Pershing Square instead of SPAC
- Ackman says U.S. SEC’s ‘deal killer’ concerns stopped the deal
The Universal Music Group headquarters in Santa Monica.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Bill Ackman will buy a stake in Universal Music Group with his hedge fund rather than his blank-check company after opposition from investors and U.S. regulators.
Ackman’s special purpose acquisition company will withdraw its offer for a 10% stake, he said in a letter on Monday. His hedge fund will assume the share purchase agreement, and buy 5% to 10% of the music label, UMG’s owner Vivendi SE said in a separate statement.