Pershing Square Tontine Holdings, the SPAC founded by hedge fund billionaire Bill Ackman, has pulled out of a deal to acquire 10% of Universal Music Group from French media giant Vivendi.In a statement on Monday, Pershing Square Tontine Holdings said it had walked away from the agreement, which valued Universal Music at €35 billion ($41B), after the Securities and Exchange Commission raised concerns about the legitimacy of the deal that remain unresolved.Instead, Ackman’s Pershing Square hedge fund will acquire the holding, Vivendi said. “Pershing Square Tontine Holdings Ltd. (PSTH) has informed Vivendi that it intends to assign its rights and obligations to acquire 10% of the share capital of Universal Music Group (UMG) under the
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