- July 19, 2021
- Posted by: Stratford Team
- Category: Business
NEW YORK–(BUSINESS WIRE)–Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) CEO Bill Ackman today issued the following letter.
July 19, 2021
Dear PSTH Shareholder,
Yesterday, our board of directors unanimously determined not to proceed with the Universal Music Group transaction, and to assign our share purchase agreement to Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) and affiliates (“PSH and affiliates” or “Pershing Square”). Pershing Square has also agreed to assume the Vivendi indemnity agreement and our UMG transaction costs.
In light of these developments, PSTH is withdrawing its Redemption Tender Offer and related Warrant Exchange Offer.
Our decision to seek an alternative initial business combination (“IBC”) was driven by issues raised by the SEC with several elements of the proposed transaction – in particular, whether the structure of our IBC qualified under the NYSE rules.
We and our counsel had…