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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":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"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.laohu8.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·斯派克曼(Bill SPACman)即将向SPAC中一群沮丧的散户股东做出一些解释，他们焦急地看着其发行后溢价缩水，恐惧感越来越强。</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>在给他的SPAC——潘兴广场通天控股公司（PSTH）股东的一份声明中——阿克曼周一宣布，他的SPAC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个由投资者集团控制的独立业务）已经分崩离析。</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（毕竟，UMG是一项利润丰厚的业务，Spotify等流媒体服务的出现使得这一点变得更加重要）。相反，阿克曼的对冲基金公司潘兴广场(Pershing Square)管理着超过130亿美元的资产，当该公司在阿姆斯特丹证券交易所上市时，该公司的富裕投资者将带走UMG的一部分，预计估值为350亿欧元。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，这一消息标志着一个毫不客气的结论“华尔街最大的猜谜游戏”当投资者试图猜测阿克曼可能追求哪个目标时。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即将公开上市，交易的结构将极其复杂，正如WSJ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>阿克曼的交易有所不同：在纽约证券交易所上市的潘兴广场通天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，由于维旺迪的税收和法律影响，该公司的结构如此。</li><li>这种结构被一些人誉为金融工程的壮举，也使阿克曼摆脱了SPAC的一些常见限制。</li><li>不过，一些观察人士认为，这种结构是对现实的让步：在日益拥挤的SPAC市场中，由于该工具的规模相对较大，阿克曼无法像预期的那样完成更传统的交易。自6月4日宣布最初交易以来，Pershing Square Tontine股价已下跌18%，这表明投资者热情减弱。</li></ul>在阿克曼未能与爱彼迎和Stripe达成合并协议后，有关入股UMG的报道受到了庆祝，至少在最初是这样。但投资者和分析师很快质疑，这笔交易的复杂性是否会让监管机构满意，这将使上市的SPAC持有另一家上市公司的股份。事实证明，他们是正确的。在潘兴的声明中，阿克曼将美国证券交易委员会的疑虑作为取消该交易的主要原因。</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>“我们决定寻求替代性初始业务合并(IBC)是由SEC对拟议交易的几个要素提出的问题推动的-特别是，我们IBC的结构是否符合纽约证券交易所的规则。”阿克曼解释说，他没有预料到股东对交易结构及其“对无法持有外国证券、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”的担忧。当然，正如我们之前指出的，阿克曼不会让任何人“站在圣坛上”。</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留在神坛上。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命运多舛的交易，事实也的确如此。”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反对该公司的激进运动，目前仍持有维旺迪的股票。“现阶段我们知道的不多，但似乎不仅仅是实体的变化。目前尚不清楚潘兴广场是否会购买全部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拿走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与剩余股份相当的股份。鉴于UMG的市场主导地位——它控制着美国音乐市场40%的份额——这笔交易很可能会引起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，即使对于只有阿克曼必须投入的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个月的时间达成交易，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·斯派克曼(Bill SPACman)即将向SPAC中一群沮丧的散户股东做出一些解释，他们焦急地看着其发行后溢价缩水，恐惧感越来越强。</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>在给他的SPAC——潘兴广场通天控股公司（PSTH）股东的一份声明中——阿克曼周一宣布，他的SPAC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个由投资者集团控制的独立业务）已经分崩离析。</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（毕竟，UMG是一项利润丰厚的业务，Spotify等流媒体服务的出现使得这一点变得更加重要）。相反，阿克曼的对冲基金公司潘兴广场(Pershing Square)管理着超过130亿美元的资产，当该公司在阿姆斯特丹证券交易所上市时，该公司的富裕投资者将带走UMG的一部分，预计估值为350亿欧元。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，这一消息标志着一个毫不客气的结论“华尔街最大的猜谜游戏”当投资者试图猜测阿克曼可能追求哪个目标时。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即将公开上市，交易的结构将极其复杂，正如WSJ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>阿克曼的交易有所不同：在纽约证券交易所上市的潘兴广场通天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，由于维旺迪的税收和法律影响，该公司的结构如此。</li><li>这种结构被一些人誉为金融工程的壮举，也使阿克曼摆脱了SPAC的一些常见限制。</li><li>不过，一些观察人士认为，这种结构是对现实的让步：在日益拥挤的SPAC市场中，由于该工具的规模相对较大，阿克曼无法像预期的那样完成更传统的交易。自6月4日宣布最初交易以来，Pershing Square Tontine股价已下跌18%，这表明投资者热情减弱。</li></ul>在阿克曼未能与爱彼迎和Stripe达成合并协议后，有关入股UMG的报道受到了庆祝，至少在最初是这样。但投资者和分析师很快质疑，这笔交易的复杂性是否会让监管机构满意，这将使上市的SPAC持有另一家上市公司的股份。事实证明，他们是正确的。在潘兴的声明中，阿克曼将美国证券交易委员会的疑虑作为取消该交易的主要原因。</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>“我们决定寻求替代性初始业务合并(IBC)是由SEC对拟议交易的几个要素提出的问题推动的-特别是，我们IBC的结构是否符合纽约证券交易所的规则。”阿克曼解释说，他没有预料到股东对交易结构及其“对无法持有外国证券、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”的担忧。当然，正如我们之前指出的，阿克曼不会让任何人“站在圣坛上”。</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留在神坛上。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命运多舛的交易，事实也的确如此。”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反对该公司的激进运动，目前仍持有维旺迪的股票。“现阶段我们知道的不多，但似乎不仅仅是实体的变化。目前尚不清楚潘兴广场是否会购买全部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拿走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与剩余股份相当的股份。鉴于UMG的市场主导地位——它控制着美国音乐市场40%的份额——这笔交易很可能会引起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，即使对于只有阿克曼必须投入的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个月的时间达成交易，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":403,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/171037181"}