REUTERS: Billionaire investor William Ackman's hedge fund Pershing Square Capital Management has filed confidentially with U.S. regulators for an initial public offering of a blank-check investment vehicle that could raise more than US$1 billion and be the biggest of its kind, according to people familiar with the matter.
Ackman's new vehicle could eclipse dealmaker and former Citigroup Inc executive Michael Klein's Churchill Capital Corp III as the largest U.S. SPAC IPO ever. Churchill III raised US$1.1 billion earlier this year. Ackman, best known as an activist shareholder who calls for changes at companies, was also a co-sponsor of Justice Holding Inc, a SPAC which acquired restaurant chain Burger King for US$1.4 billion in cash in 2012.Justice Holdings is now called Restaurant Brands International, and has been a big contributor to Pershing Square's recent investment gains.
In March, he reinvested the money in the stock market, raising his stakes in companies such as Lowe's and Hilton Worldwide Holdings, among others.
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