{"id":120368,"date":"2021-08-24T23:40:55","date_gmt":"2021-08-24T23:40:55","guid":{"rendered":"https:\/\/fin2me.com\/?p=120368"},"modified":"2021-08-24T23:40:55","modified_gmt":"2021-08-24T23:40:55","slug":"ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash\/","title":{"rendered":"Ackman committed to finding a deal for PSTH; sold Agilent to raise cash"},"content":{"rendered":"
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<\/figcaption>

NEW YORK (Reuters) – Billionaire investor William Ackman, who last year launched the biggest-ever special-purpose acquisition company, said on Tuesday he remains committed to finding a merger partner for his blank-check company Pershing Square Tontine Holdings Ltd (PSTH).<\/p>\n

\u201cOur plan to return cash to shareholders once SPARC is approved does NOT in any way mean that we are walking away from PSTH and giving up on completing a deal,\u201d Ackman wrote in the Pershing Square Holdings interim financial statements.<\/p>\n

Ackman made the statements just a few days after he told investors he would return the $4 billion raised last year if regulators give him approval for a special-purpose acquisition rights company (SPARC). The news came days after Pershing Square Tontine Holdings was charged with failing to have registered as an investment company, a lawsuit Ackman called meritless.<\/p>\n

\u201cWe remain committed to finding a transaction for PSTH,\u201d Ackman wrote on Tuesday, adding, \u201cIf we have not done so by the time SPARC is approved, we will then continue to pursue a business combination, on behalf of SPARC rather than PSTH.\u201d<\/p>\n

Ackman created the SPARC as part of a deal to buy a stake in Universal Music Group (UMG), which he proposed earlier this summer for Pershing Square Tontine Holdings but abandoned amid regulatory questions.<\/p>\n

Instead his hedge funds promised to purchase between 5% and 10% of UMG by mid-September and have already purchased a 7.1% stake, the financial statement said.<\/p>\n

To help raise cash for the purchase, Ackman said he sold his stake in Agilent Technologies Inc, his portfolio\u2019s second-best performer in the first half of the year.<\/p>\n

He said again he thinks regulators should grant approval to his SPARC \u201cwithin a reasonable time frame, that is in months not years\u201d and said investors could help the process by contacting the U.S. Securities and Exchange Commission and the New York Stock Exchange.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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, […]<\/p>\n","protected":false},"author":3,"featured_media":120367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nAckman committed to finding a deal for PSTH; sold Agilent to raise cash - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ackman committed to finding a deal for PSTH; sold Agilent to raise cash - Fin2me\" \/>\n<meta property=\"og:description\" content=\"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, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-24T23:40:55+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Ackman-committed-to-finding-a-deal-for-PSTH-sold-Agilent-to-raise-cash.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash\/\",\"url\":\"https:\/\/fin2me.com\/markets\/ackman-committed-to-finding-a-deal-for-psth-sold-agilent-to-raise-cash\/\",\"name\":\"Ackman committed to finding a deal for PSTH; 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