Bill Ackman’s Pershing Square drops deal to buy 10% of Universal Music - CNBC

Billionaire investor Bill Ackman's blank-check company Pershing Square Tontine Holdings said Monday it had dropped a deal to buy 10% of Vivendi's flagship Universal Music Group.

"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 said in a letter to shareholders, published Monday.

Pershing Square said that in light of its experience with the proposed UMG deal, it would now be pursuing a "conventional" SPAC merger.

Vivendi announced in a statement Monday that it had approved a request from Pershing to assign the rights to purchase 10% of UMG's share capital to "investment funds with significant economic interests or management positions held by Mr.