Bill Ackman Calls Off SPAC Deal for Universal Music Group
Jem Aswad Senior Music EditorBillionaire investor Bill Ackman announced early Monday that he has decided not to use his SPAC to acquire a 10% stake in Universal Music Group after the Securities and Exchange Commission voiced concerns about the the complicated agreement, which would have been the biggest SPAC transaction to date. However, Ackman plans to use his hedge fund to buy the stake directly instead.Earlier this year, Ackman’s special purpose acquisition company, Pershing Capital, unveiled plans to acquire the world’s largest music company, which was valued at more than $40 billion.