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

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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 $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition company.

FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian

A SPAC uses IPO proceeds and borrowed funds to acquire a company, typically within two years. Investors are not notified in advance which company a SPAC will buy. In the filing, Ackman said the company will seek to acquire a venture capital-backed firm that he called a"mature unicorn" which has chosen to remain private.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 $1.4 billion in cash in 2012.

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