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Pershing Square SPAC Deal With Universal Music Group Falls Through 2021-07-20 00:00:00 Brendan Fagan, SPAC, Pershing Square, Universal Music Group - Talking Points: Pershing Square Tontine Holdings backs out of deal to acquire 10% Universal Music Pershing Square Holdings will now acquire a 5-10% stake in Universal Bill Ackman cited increased SEC scrutiny as a primary driver in the changed approach Pershing Square Tontine Holdings, the blank-check acquisition vehicle managed by billionaire investor Bill Ackman, backed out of a proposed SPAC merger with Universal Music Group citing increased regulatory scrutiny. Following discussions with the U.S. Securities and Exchange Commission (SEC), the board of Pershing Square Tontine Holdings voted unanimously to discontinue merger discussions. In June, it was announced that Bill Ackman’s SPAC had agreed to acquire 10% of Universal in a deal totaling $4 billion. The announcement gave Universal Music Group an estimated enterprise value

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