Bill Ackman, CEO and Portfolio Manager, Pershing Square Capital Management, at Delivering Alpha on July 15, 2015
PSTH, a special purpose acquisition company launched by Pershing Square, surprised the business world on June 20 when it announced a complicated plan to buy 10% of UMG at a 35 billion euros valuation. But on Monday , regulators’ new concerns caused PSTH to cancel its investment, leaving Ackman with a failed bid for the world’s largest music company. But a deal is still in the works., Ackman emphasized that Pershing Square -- the hedge fund with $13.
Vivendi, which will spin off 60% of UMG’s common stock on the Euronext Amsterdam exchange in September 2021, said in a statement Monday morning that it “intends to sell the shortfall to other investors before the distribution” of the remaining shares. A consortium led by Tencent Holdings owns a 20% stake in UMG. Vivendi intends to keep 10% of the shares.PSTH’s decision doesn’t affect UMG’s valuation, according to analysts.