Billionaire investor Bill Ackman will not use his SPAC to acquire 10% stake of Universal Music Group, but will purchase the shares directly.
Billionaire investor Bill Ackman announced early Monday that he has decided not to use his SPAC to acquire a 10% stake in Universal Music Group after the Securities and Exchange Commission voiced concerns about the complicated agreement, which would have been the biggest SPAC transaction to date. However, Ackman plans to use his hedge fund to buy the stake directly instead; Vivendi confirmed in an announcement that “The equity interest eventually acquired in UMG will now be comprised between 5 and 10%,” adding that if less than 10%, it will sell the shortfall to other investors.
