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2021-07-19

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"Doomed To Fail" - Ackman's SPAC Backs Out Of Deal To Buy 10% Of Universal Music Group<blockquote>“注定失败”——阿克曼的 SPAC 退出收购环球音乐集团 10% 股份的交易</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":171037181,"tweetId":"171037181","gmtCreate":1626695216643,"gmtModify":1633924885723,"author":{"id":3586857782182044,"idStr":"3586857782182044","authorId":3586857782182044,"authorIdStr":"3586857782182044","name":"Abc123","avatar":"https://static.tigerbbs.com/e4822e10d0f39b1f7f2551c480b81cc8","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Sksks</body></html>","htmlText":"<html><head></head><body>Sksks</body></html>","text":"Sksks","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/171037181","repostId":1132377814,"repostType":4,"repost":{"id":"1132377814","kind":"news","pubTimestamp":1626693740,"share":"https://www.laohunote.com/m/news/1132377814?lang=zh_CN&edition=full","pubTime":"2021-07-19 19:22","market":"us","language":"en","title":"\"Doomed To Fail\" - Ackman's SPAC Backs Out Of Deal To Buy 10% Of Universal Music Group<blockquote>“注定失败”——阿克曼的 SPAC 退出收购环球音乐集团 10% 股份的交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132377814","media":"zerohedge","summary":"Bill SPACman is about to have some explaining to do to an army of frustrated retail shareholders in ","content":"Bill SPACman is about to have some explaining to do to an army of frustrated retail shareholders in his SPAC who have anxiously watched its post-offering premium shrink with a growing sense of trepidation.<blockquote>比尔·斯帕克曼 (Bill SPACman) 即将向其特殊目的收购公司 (SPAC) 中一大群沮丧的散户股东做出一些解释，这些股东焦急地看着其发行后溢价缩水，并越来越感到恐惧。</blockquote> In a statement to shareholders in his SPAC - Pershing Square Tontine Holdings, or PSTH -Ackman announced on Monday that a deal between his SPAC and French conglomerate Vivendi to purchase 10% of Universal Music Group(which Vivendi is planning to spin off into a separate business controlled by a conglomerate of investors later this year)has fallen apart.<blockquote>在向其 SPAC - Pershing Square Tontine Holdings（或 PSTH）股东发表的声明中 -阿克曼周一宣布，他的特殊目的收购公司与法国企业集团维旺迪达成协议，收购环球音乐集团 10% 的股份（维旺迪计划在今年晚些时候将其分拆为一家由投资者集团控制的独立业务）已经散架了。</blockquote> The deal for UMG would have been the biggest SPAC deal in history, according to CNBC. However,its complexity troubled regulators, and increasingly aroused opposition from investors.Dimming demand has seen shares of PSTH fall 18% since the dealwas first announced in early June.<blockquote>据 CNBC 报道，UMG 的交易将是历史上最大的 SPAC 交易。然而，它的复杂性困扰着监管机构，并越来越引起投资者的反对。自 6 月初首次宣布该交易以来，需求疲软已导致 PSTH 股价下跌 18%。</blockquote> But there's a twist.Ackman isn't backing away entirely(UMG is after all an extremely profitable business, made more so by the advent of streaming services like Spotify). Instead, the wealthy investors in Pershing Square, Ackman's hedge fund firm with more than $13 billion in assets under management, will walk away with a piece of UMG when the company lists on the Amsterdam Stock Exchange with an expected valuation of €35 billion. It will be controlled a consortium of investors, including Tencent.<blockquote>但是有一个转折。阿克曼并没有完全退缩（UMG毕竟是一个非常有利可图的行业，Spotify等流媒体服务的出现使其更加有利可图）。相反，阿克曼旗下管理着超过 130 亿美元资产的对冲基金公司潘兴广场 (Pershing Square) 的富裕投资者将在 UMG 以 350 亿欧元的预期估值在阿姆斯特丹证券交易所上市时带走一块股份。它将由包括腾讯控股在内的投资者财团控制。</blockquote> AsWSJreported, the news marks an unceremonious conclusion to one of\"the biggest guessing games on Wall Street\"as investors tried to guess which target Ackman might pursue. Given his firm's unparalleled largess, options appeared limited. Which is one reason why the structure of the PSTH-UMG deal was so complex. With UMG set to list publicly, the deal's structure would have been exceedingly complex, asWSJattempts to explain:<blockquote>据 ASWSJ 报道，这一消息标志着其中一项事件的毫不客气的结束“华尔街最大的猜谜游戏”投资者试图猜测阿克曼可能会追求哪个目标。鉴于他的公司无与伦比的慷慨，选择似乎有限。这也是PSTH-UMG交易结构如此复杂的原因之一。由于 UMG 将公开上市，交易的结构将极其复杂，正如 WSJAT 试图解释的那样：</blockquote> <ul> <li>Mr. Ackman’s deal was different: New York Stock Exchange-listed Pershing Square Tontine Holding Ltd. didn’t intend to merge with Universal but instead become a shareholder ahead of an already-planned listing by Universal in the Netherlands. People familiar with the matter said it was structured that way because of tax and legal implications for Vivendi, The Wall Street Journal reported.</li> <li>The structure was hailed by some as a feat of financial engineering that also freed Mr. Ackman from some of the usual constraints of SPACs.</li> <li>Some observers, though, saw the structure as a concession to the reality that in an increasingly crowded SPAC market, and because of the relatively large size of the vehicle, Mr. Ackman wasn’t able to pull off a more conventional deal, as had been expected. In a sign of waning investor enthusiasm, Pershing Square Tontine shares have fallen 18% since the original transaction was announced on June 4.</li> </ul> After Ackman failed to strike merger deals with Airbnb and Stripe, reports of the deal to take a stake in UMG were greeted with celebration, at least initially. But investors and analysts quickly questioned whether the complexity of the deal, which would leave the publicly traded SPAC with a stake in another publicly traded company, would fly with regulators. Turns out, they were correct. In Pershing's statement, Ackman cites the SEC's misgivings as the main reason for scrapping the deal.<blockquote><ul><li>阿克曼先生的交易有所不同： 在纽约证券交易所上市的潘兴广场通廷控股有限公司并不打算与环球合并，而是在环球已经计划在荷兰上市之前成为股东。据《华尔街日报》报道，知情人士表示，之所以采用这种结构，是因为对维旺迪的税收和法律影响。</li><li>一些人称赞该结构是金融工程的壮举，也使阿克曼摆脱了 SPAC 的一些常见限制。</li><li>不过，一些观察家认为，这种结构是对现实的一种让步，即在日益拥挤的特殊目的收购公司市场中，由于该公司的规模相对较大，阿克曼先生无法像预期的那样达成一笔更传统的交易。自 6 月 4 日宣布最初交易以来，潘兴广场 Tontine 股价已下跌 18%，这表明投资者热情正在减弱。</li></ul>在阿克曼未能与爱彼迎和 Stripe 达成合并协议后，有关收购 UMG 股份的交易的报道受到了庆祝，至少最初是这样。但投资者和分析师很快质疑这笔交易的复杂性是否会引起监管机构的注意，这笔交易将使这家上市特殊目的收购公司拥有另一家上市公司的股份。事实证明，他们是正确的。阿克曼在潘兴的声明中指出，美国证券交易委员会的担忧是取消交易的主要原因。</blockquote> \"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.\" Ackman explains that he hadn’t anticipated shareholders’ apprehensions about the structure of the deal and its \"potential impact on investors who are unable to hold foreign securities, who margin their shares, or who own call options on our stock.\" Of course, as we noted earlier, Ackman isn't leaving anyone \"at the altar.\"<blockquote>“我们寻求替代初始业务合并 (IBC) 的决定是由 SEC 对拟议交易的几个要素提出的问题驱动的- 特别是，我们的 IBC 结构是否符合纽约证券交易所规则。”阿克曼解释说，他没想到股东会对交易的结构及其 “对无法持有外国证券、为股票保证金或拥有我们股票看涨期权期权的投资者的潜在影响”感到担忧。当然，正如我们前面提到的，阿克曼不会把任何人“留在神坛上”。</blockquote> \"Yet, despite the inability of PSTH to consummate the UMG transaction, our counterparty was not left at the altar.Pershing Square will be fulfilling PSTH’s commitment to Vivendi.\" One rival institution appeared to question whether Ackman really believed the deal would succeed,Bloombergreports.<blockquote>“然而，尽管 PSTH 无法完成 UMG 交易，但我们的交易对手并没有被抛在后面。潘兴广场将履行 PSTH 对维旺迪的承诺”。据彭博社报道，一家竞争对手机构似乎质疑阿克曼是否真的相信这笔交易会成功。</blockquote> \"It was an ill-fated transaction doomed to fail and it did,”said Bluebell Capital Partners Chief Investment Officer Giuseppe Bivona, who had launched an activist campaign against the company earlier this year and still owns Vivendi shares. \"There’s not much we know at this stage but it doesn’t seem to be just the change in entities. It’s not clear if Pershing Square is buying the full 10%.\" As Bluebell says, it's unclear whether Ackman will actually walk away with 10% when the deal is finished. Vivendi says if the stake is less than 10%, it will sell an equivalent amount of shares to whatever is left on the table to investors ahead of the September listing. Given UMG's market dominance - it controls 40% of the American music market - it's likely the deal will draw considerable interest from institutional shareholders.<blockquote>“这是一笔注定要失败的不幸交易，它确实失败了。”Bluebell Capital Partners 首席投资官朱塞佩·比沃纳 (Giuseppe Bivona) 表示，他今年早些时候发起了一场针对该公司的激进运动，目前仍持有维旺迪股票。“现阶段我们知道的不多，但似乎不仅仅是实体的变化。目前还不清楚潘兴广场是否会买下全部 10% 的股份。”正如 Bluebell 所说，目前尚不清楚交易完成后阿克曼是否真的会放弃 10% 的股份。维旺迪表示，如果持股比例低于 10%，它将在 9 月份上市前向投资者出售等量的股份。鉴于UMG的市场主导地位——它控制着美国音乐市场40%的份额——这笔交易很可能会吸引机构股东的极大兴趣。</blockquote> Ackman's SPAC still has another 18 months to complete a deal, but given it's size and the seeming shortage of suitable targets following years of frenzied dealmaking activity which has left slim pickings even for investors with a fraction of the money Ackman has to put to work.<blockquote>阿克曼的 SPAC 还有 18 个月的时间来完成交易，但考虑到其规模以及多年疯狂的交易活动后似乎缺乏合适的目标，即使对于拥有阿克曼一小部分资金的投资者来说，选择也很少。</blockquote> He now as 18 months to strike a deal, or being forced to return capital to shareholders. Ultimately, it's an example of retail investors being left exposed, while Ackman's wealthy hedge fund investors are left with a stake in an extremely profitable business.<blockquote>他现在有18个月的时间达成协议，否则将被迫向股东返还资本。最终，这是散户投资者面临风险的一个例子，而阿克曼富有的对冲基金投资者则持有一家利润丰厚的企业的股份。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Doomed To Fail\" - Ackman's SPAC Backs Out Of Deal To Buy 10% Of Universal Music Group<blockquote>“注定失败”——阿克曼的 SPAC 退出收购环球音乐集团 10% 股份的交易</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Doomed To Fail\" - Ackman's SPAC Backs Out Of Deal To Buy 10% Of Universal Music Group<blockquote>“注定失败”——阿克曼的 SPAC 退出收购环球音乐集团 10% 股份的交易</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-07-19 19:22\n\n</h4>\n</header>\n<article>\nBill SPACman is about to have some explaining to do to an army of frustrated retail shareholders in his SPAC who have anxiously watched its post-offering premium shrink with a growing sense of trepidation.<blockquote>比尔·斯帕克曼 (Bill SPACman) 即将向其特殊目的收购公司 (SPAC) 中一大群沮丧的散户股东做出一些解释，这些股东焦急地看着其发行后溢价缩水，并越来越感到恐惧。</blockquote> In a statement to shareholders in his SPAC - Pershing Square Tontine Holdings, or PSTH -Ackman announced on Monday that a deal between his SPAC and French conglomerate Vivendi to purchase 10% of Universal Music Group(which Vivendi is planning to spin off into a separate business controlled by a conglomerate of investors later this year)has fallen apart.<blockquote>在向其 SPAC - Pershing Square Tontine Holdings（或 PSTH）股东发表的声明中 -阿克曼周一宣布，他的特殊目的收购公司与法国企业集团维旺迪达成协议，收购环球音乐集团 10% 的股份（维旺迪计划在今年晚些时候将其分拆为一家由投资者集团控制的独立业务）已经散架了。</blockquote> The deal for UMG would have been the biggest SPAC deal in history, according to CNBC. However,its complexity troubled regulators, and increasingly aroused opposition from investors.Dimming demand has seen shares of PSTH fall 18% since the dealwas first announced in early June.<blockquote>据 CNBC 报道，UMG 的交易将是历史上最大的 SPAC 交易。然而，它的复杂性困扰着监管机构，并越来越引起投资者的反对。自 6 月初首次宣布该交易以来，需求疲软已导致 PSTH 股价下跌 18%。</blockquote> But there's a twist.Ackman isn't backing away entirely(UMG is after all an extremely profitable business, made more so by the advent of streaming services like Spotify). Instead, the wealthy investors in Pershing Square, Ackman's hedge fund firm with more than $13 billion in assets under management, will walk away with a piece of UMG when the company lists on the Amsterdam Stock Exchange with an expected valuation of €35 billion. It will be controlled a consortium of investors, including Tencent.<blockquote>但是有一个转折。阿克曼并没有完全退缩（UMG毕竟是一个非常有利可图的行业，Spotify等流媒体服务的出现使其更加有利可图）。相反，阿克曼旗下管理着超过 130 亿美元资产的对冲基金公司潘兴广场 (Pershing Square) 的富裕投资者将在 UMG 以 350 亿欧元的预期估值在阿姆斯特丹证券交易所上市时带走一块股份。它将由包括腾讯控股在内的投资者财团控制。</blockquote> AsWSJreported, the news marks an unceremonious conclusion to one of\"the biggest guessing games on Wall Street\"as investors tried to guess which target Ackman might pursue. Given his firm's unparalleled largess, options appeared limited. Which is one reason why the structure of the PSTH-UMG deal was so complex. With UMG set to list publicly, the deal's structure would have been exceedingly complex, asWSJattempts to explain:<blockquote>据 ASWSJ 报道，这一消息标志着其中一项事件的毫不客气的结束“华尔街最大的猜谜游戏”投资者试图猜测阿克曼可能会追求哪个目标。鉴于他的公司无与伦比的慷慨，选择似乎有限。这也是PSTH-UMG交易结构如此复杂的原因之一。由于 UMG 将公开上市，交易的结构将极其复杂，正如 WSJAT 试图解释的那样：</blockquote> <ul> <li>Mr. Ackman’s deal was different: New York Stock Exchange-listed Pershing Square Tontine Holding Ltd. didn’t intend to merge with Universal but instead become a shareholder ahead of an already-planned listing by Universal in the Netherlands. People familiar with the matter said it was structured that way because of tax and legal implications for Vivendi, The Wall Street Journal reported.</li> <li>The structure was hailed by some as a feat of financial engineering that also freed Mr. Ackman from some of the usual constraints of SPACs.</li> <li>Some observers, though, saw the structure as a concession to the reality that in an increasingly crowded SPAC market, and because of the relatively large size of the vehicle, Mr. Ackman wasn’t able to pull off a more conventional deal, as had been expected. In a sign of waning investor enthusiasm, Pershing Square Tontine shares have fallen 18% since the original transaction was announced on June 4.</li> </ul> After Ackman failed to strike merger deals with Airbnb and Stripe, reports of the deal to take a stake in UMG were greeted with celebration, at least initially. But investors and analysts quickly questioned whether the complexity of the deal, which would leave the publicly traded SPAC with a stake in another publicly traded company, would fly with regulators. Turns out, they were correct. In Pershing's statement, Ackman cites the SEC's misgivings as the main reason for scrapping the deal.<blockquote><ul><li>阿克曼先生的交易有所不同： 在纽约证券交易所上市的潘兴广场通廷控股有限公司并不打算与环球合并，而是在环球已经计划在荷兰上市之前成为股东。据《华尔街日报》报道，知情人士表示，之所以采用这种结构，是因为对维旺迪的税收和法律影响。</li><li>一些人称赞该结构是金融工程的壮举，也使阿克曼摆脱了 SPAC 的一些常见限制。</li><li>不过，一些观察家认为，这种结构是对现实的一种让步，即在日益拥挤的特殊目的收购公司市场中，由于该公司的规模相对较大，阿克曼先生无法像预期的那样达成一笔更传统的交易。自 6 月 4 日宣布最初交易以来，潘兴广场 Tontine 股价已下跌 18%，这表明投资者热情正在减弱。</li></ul>在阿克曼未能与爱彼迎和 Stripe 达成合并协议后，有关收购 UMG 股份的交易的报道受到了庆祝，至少最初是这样。但投资者和分析师很快质疑这笔交易的复杂性是否会引起监管机构的注意，这笔交易将使这家上市特殊目的收购公司拥有另一家上市公司的股份。事实证明，他们是正确的。阿克曼在潘兴的声明中指出，美国证券交易委员会的担忧是取消交易的主要原因。</blockquote> \"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.\" Ackman explains that he hadn’t anticipated shareholders’ apprehensions about the structure of the deal and its \"potential impact on investors who are unable to hold foreign securities, who margin their shares, or who own call options on our stock.\" Of course, as we noted earlier, Ackman isn't leaving anyone \"at the altar.\"<blockquote>“我们寻求替代初始业务合并 (IBC) 的决定是由 SEC 对拟议交易的几个要素提出的问题驱动的- 特别是，我们的 IBC 结构是否符合纽约证券交易所规则。”阿克曼解释说，他没想到股东会对交易的结构及其 “对无法持有外国证券、为股票保证金或拥有我们股票看涨期权期权的投资者的潜在影响”感到担忧。当然，正如我们前面提到的，阿克曼不会把任何人“留在神坛上”。</blockquote> \"Yet, despite the inability of PSTH to consummate the UMG transaction, our counterparty was not left at the altar.Pershing Square will be fulfilling PSTH’s commitment to Vivendi.\" One rival institution appeared to question whether Ackman really believed the deal would succeed,Bloombergreports.<blockquote>“然而，尽管 PSTH 无法完成 UMG 交易，但我们的交易对手并没有被抛在后面。潘兴广场将履行 PSTH 对维旺迪的承诺”。据彭博社报道，一家竞争对手机构似乎质疑阿克曼是否真的相信这笔交易会成功。</blockquote> \"It was an ill-fated transaction doomed to fail and it did,”said Bluebell Capital Partners Chief Investment Officer Giuseppe Bivona, who had launched an activist campaign against the company earlier this year and still owns Vivendi shares. \"There’s not much we know at this stage but it doesn’t seem to be just the change in entities. It’s not clear if Pershing Square is buying the full 10%.\" As Bluebell says, it's unclear whether Ackman will actually walk away with 10% when the deal is finished. Vivendi says if the stake is less than 10%, it will sell an equivalent amount of shares to whatever is left on the table to investors ahead of the September listing. Given UMG's market dominance - it controls 40% of the American music market - it's likely the deal will draw considerable interest from institutional shareholders.<blockquote>“这是一笔注定要失败的不幸交易，它确实失败了。”Bluebell Capital Partners 首席投资官朱塞佩·比沃纳 (Giuseppe Bivona) 表示，他今年早些时候发起了一场针对该公司的激进运动，目前仍持有维旺迪股票。“现阶段我们知道的不多，但似乎不仅仅是实体的变化。目前还不清楚潘兴广场是否会买下全部 10% 的股份。”正如 Bluebell 所说，目前尚不清楚交易完成后阿克曼是否真的会放弃 10% 的股份。维旺迪表示，如果持股比例低于 10%，它将在 9 月份上市前向投资者出售等量的股份。鉴于UMG的市场主导地位——它控制着美国音乐市场40%的份额——这笔交易很可能会吸引机构股东的极大兴趣。</blockquote> Ackman's SPAC still has another 18 months to complete a deal, but given it's size and the seeming shortage of suitable targets following years of frenzied dealmaking activity which has left slim pickings even for investors with a fraction of the money Ackman has to put to work.<blockquote>阿克曼的 SPAC 还有 18 个月的时间来完成交易，但考虑到其规模以及多年疯狂的交易活动后似乎缺乏合适的目标，即使对于拥有阿克曼一小部分资金的投资者来说，选择也很少。</blockquote> He now as 18 months to strike a deal, or being forced to return capital to shareholders. Ultimately, it's an example of retail investors being left exposed, while Ackman's wealthy hedge fund investors are left with a stake in an extremely profitable business.<blockquote>他现在有18个月的时间达成协议，否则将被迫向股东返还资本。最终，这是散户投资者面临风险的一个例子，而阿克曼富有的对冲基金投资者则持有一家利润丰厚的企业的股份。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/doomed-fail-ackmans-spac-backs-out-deal-buy-10-universal-music-group\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/doomed-fail-ackmans-spac-backs-out-deal-buy-10-universal-music-group","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132377814","content_text":"Bill SPACman is about to have some explaining to do to an army of frustrated retail shareholders in his SPAC who have anxiously watched its post-offering premium shrink with a growing sense of trepidation.\nIn a statement to shareholders in his SPAC - Pershing Square Tontine Holdings, or PSTH -Ackman announced on Monday that a deal between his SPAC and French conglomerate Vivendi to purchase 10% of Universal Music Group(which Vivendi is planning to spin off into a separate business controlled by a conglomerate of investors later this year)has fallen apart.\nThe deal for UMG would have been the biggest SPAC deal in history, according to CNBC. However,its complexity troubled regulators, and increasingly aroused opposition from investors.Dimming demand has seen shares of PSTH fall 18% since the dealwas first announced in early June.\nBut there's a twist.Ackman isn't backing away entirely(UMG is after all an extremely profitable business, made more so by the advent of streaming services like Spotify). Instead, the wealthy investors in Pershing Square, Ackman's hedge fund firm with more than $13 billion in assets under management, will walk away with a piece of UMG when the company lists on the Amsterdam Stock Exchange with an expected valuation of €35 billion. It will be controlled a consortium of investors, including Tencent.\nAsWSJreported, the news marks an unceremonious conclusion to one of\"the biggest guessing games on Wall Street\"as investors tried to guess which target Ackman might pursue. Given his firm's unparalleled largess, options appeared limited. Which is one reason why the structure of the PSTH-UMG deal was so complex. With UMG set to list publicly, the deal's structure would have been exceedingly complex, asWSJattempts to explain:\n\nMr. Ackman’s deal was different: New York Stock Exchange-listed Pershing Square Tontine Holding Ltd. didn’t intend to merge with Universal but instead become a shareholder ahead of an already-planned listing by Universal in the Netherlands. People familiar with the matter said it was structured that way because of tax and legal implications for Vivendi, The Wall Street Journal reported.\nThe structure was hailed by some as a feat of financial engineering that also freed Mr. Ackman from some of the usual constraints of SPACs.\nSome observers, though, saw the structure as a concession to the reality that in an increasingly crowded SPAC market, and because of the relatively large size of the vehicle, Mr. Ackman wasn’t able to pull off a more conventional deal, as had been expected. In a sign of waning investor enthusiasm, Pershing Square Tontine shares have fallen 18% since the original transaction was announced on June 4.\n\nAfter Ackman failed to strike merger deals with Airbnb and Stripe, reports of the deal to take a stake in UMG were greeted with celebration, at least initially. But investors and analysts quickly questioned whether the complexity of the deal, which would leave the publicly traded SPAC with a stake in another publicly traded company, would fly with regulators. Turns out, they were correct. In Pershing's statement, Ackman cites the SEC's misgivings as the main reason for scrapping the deal.\n\n\"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.\"\n\nAckman explains that he hadn’t anticipated shareholders’ apprehensions about the structure of the deal and its \"potential impact on investors who are unable to hold foreign securities, who margin their shares, or who own call options on our stock.\" Of course, as we noted earlier, Ackman isn't leaving anyone \"at the altar.\"\n\n\"Yet, despite the inability of PSTH to consummate the UMG transaction, our counterparty was not left at the altar.Pershing Square will be fulfilling PSTH’s commitment to Vivendi.\"\n\nOne rival institution appeared to question whether Ackman really believed the deal would succeed,Bloombergreports.\n\n\"It was an ill-fated transaction doomed to fail and it did,”said Bluebell Capital Partners Chief Investment Officer Giuseppe Bivona, who had launched an activist campaign against the company earlier this year and still owns Vivendi shares. \"There’s not much we know at this stage but it doesn’t seem to be just the change in entities. It’s not clear if Pershing Square is buying the full 10%.\"\n\nAs Bluebell says, it's unclear whether Ackman will actually walk away with 10% when the deal is finished. Vivendi says if the stake is less than 10%, it will sell an equivalent amount of shares to whatever is left on the table to investors ahead of the September listing. Given UMG's market dominance - it controls 40% of the American music market - it's likely the deal will draw considerable interest from institutional shareholders.\nAckman's SPAC still has another 18 months to complete a deal, but given it's size and the seeming shortage of suitable targets following years of frenzied dealmaking activity which has left slim pickings even for investors with a fraction of the money Ackman has to put to work.\nHe now as 18 months to strike a deal, or being forced to return capital to shareholders. Ultimately, it's an example of retail investors being left exposed, while Ackman's wealthy hedge fund investors are left with a stake in an extremely profitable business.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":656,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/171037181"}