Pershing Square Tontine Holdings’ efforts to find a target company were thwarted in part by what Bill Ackman said was the unexpected recovery of capital markets.
Billionaire investor Bill Ackman told investors in the largest-ever blank-cheque company that it’s returning their $US4 billion after failing to consummate a merger deal.
“The rapid recovery of the capital markets and our economy were good for America but unfortunate for PSTH, as it made the conventional IPO market a strong competitor and a preferred alternative for high-quality businesses seeking to go public,” Mr Ackman said, referring to the blank-cheque firm by its trading symbol.
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