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Bill Ackman’s Pershing Square has been forced to renew a $ 4bn deal to buy a 10% stake in Universal Music, a company that follows artists like Taylor Swift, after US authorities opposed the deal.
Pershing agreed last month to buy the product from Vivendi, the owner of Universal, through a special manufacturing company called Pershing Square Tontine Holdings. But in words On Monday Ackman’s company said the Securities and Exchange Commission had experienced a crisis in trading.
“Our decision to incorporate the first-of-its-kind business (IBC) was governed by the SEC’s response to a number of transactions – in particular, whether our IBC’s design is in line with NYSE regulations,” Pershing said on Monday.
It added: “However, although PSTH has not been able to complete the work of UMG, its partner has not been left on the altar. Pershing Square is fulfilling PSTH’s commitment to Vivendi.”
He also said Pershing Square is planning to be a long-term co-founder at Universal, which is due to be registered in Amsterdam.
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