VIVHY - Pershing Square SPAC slides 7% on report of near-deal with Universal Music Group

Bill Ackman's Pershing Square Tontine Holdings (PSTH) has slipped 6.7% postmarket after reports that it's close to sealing the biggest deal for a special-purpose acquisition company ever - a transaction with Universal Music Group (VIVHY). That deal would value the music business around $40B, Dow Jones reports, and an enterprise value of about $42B. The deal isn't certain but could be reached in the next few weeks, according to the reports.

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Pershing Square SPAC slides 7% on report of near-deal with Universal Music Group