Bill Ackman's Pershing Square reportedly files to create 'blank check' company worth more than $1 billion | Markets Insider

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Bill Ackman's Pershing Square reportedly files to create 'blank check' company worth more than $1 billion

It's not yet known which company Ackman may target, and that information can remain confidential even as investors participate in the IPO.Hedge fund billionaire Bill Ackman filed with US regulators to take a record-size acquisition company public, CNBC reported Thursday.

The Pershing Square Capital founder aims to raise at least $1 billion in the initial public offering, likely forming the largest-ever"blank check" firm. The current record is held by formerKnown on Wall Street as special-purpose acquisition companies, such vehicles are used to raise funds in an IPO for buyouts. It's not yet known which firms Ackman may target, and such information can be kept confidential even to investors participating in the IPO.

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