Pershing Square backs out of deal to buy 10% of Universal Music

Montag, 19. Juli 2021 08:58

Billionaire investor Bill Ackman’s Pershing Square announced on Monday it decided to abandon a deal to purchase 10% of French media giant Vivendi's 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," Pershing said in a statement.

Last month, it was announced Pershing Square agreed to buy 10% of Universal for approximately $4 billion.

Enlaces afines: Vivendi SE
Autor:
Breaking the News / JC