VIVHY - Bill Ackman's Pershing Square back-off from buying 10% stake in Universal Music

Bill Ackman’s blank-check company Pershing Square Tontine Holdings (PSTH) had dropped a deal to buy 10% of Vivendi’s flagship Universal Music Group - CNBC.“Our decision to seek an alternative initial business combination ((IBC)) was driven by issues raised by the SEC with several elements of the proposed transaction – in particular, whether the structure of our IBC qualified under the NYSE rules,” Ackman said in a letter to shareholders, published Monday.Pershing Square says will now consider a “conventional” SPAC merger.Last month, the company announced to buy 10% stake in the Universal Music Group from owner Vivendi (VIVHY) for $4.1B.Share price has fallen 8% over the past one month.

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Bill Ackman’s Pershing Square back-off from buying 10% stake in Universal Music