Ackman's blank check company raises IPO target to US$4 billion

REUTERS: Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by US$1 billion to US$4 billion, the largest ever IPO by a special purpose acquisition company.

Ackman, whose New York-based hedge fund manages more than US$10 billion in assets, may ultimately have US$7 billion to invest.

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