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Bill Ackman’s blank-check company Pershing Square Tontine files for IPO to raise $3 billion


Billionaire investor Bill Ackman’s Pershing Square Tontine Holdings Ltd., a “blank check company,” filed for an initial public offering to raise $3 billion. Under terms of the filing, the company is offering 150,000,000 units, which includes one share of common stock and one-ninth of one redeemable warrant, at a price of $20.00 per unit. One whole warrant gives the holder the right to buy one common share at $23 each. The company expects the stock to begin trading on the NYSE on the 52nd day following the filing. Citigroup, Jefferies and UBS Investment Bank are the joint book-running managers. The blank-check company was formed for the purpose of effective a merger, capital stock exchange, asset acquisition, stock purchase, reorganization for a similar business combination with one or more businesses. “We will have the largest amount of committed capital of any blank check company upon the completion of this offering,” the company stated in a filing with the Securities and Exchange Commission. Reuters had reported earlier this month that Ackman had confidentially filed to raise more than $1 billion in an IPO of a blank-check company.

Reported by Market Watch

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