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PSTH is Unable to Complete a Transaction With Vivendi’s UMG

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In a letter to the shareholders, Bill Ackman reported that Pershing Square is set to restructure arrangements with UMG after SEC found the initial business combination not to meet the NYSE rules.

The board of directors agreed to transfer the UMG stock purchasing agreement to Pershing Square and affiliates.  will proceed to withdraw its initial offers on related PSTHwarrant exchange and redemption tender.

The transaction has to be completed within 18 months and is structured as a conventional Special Purpose Acquisition Company  SPACmerger. UMG is bound to become a public company in September if listed on Euronext Amsterdam.

PSTH admitted to underestimating the reaction of shareholders and impact on investors by announcing the transaction with UMG that led to an 18% fall of shares. In the release, Bill Ackman stated that the company was overshadowed by the long-term benefits of the deal so much that they overlooked the short-term consequences.

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