Two years after raising the largest-ever special purpose acquisition company, or SPAC, the billionaire Bill Ackman has concluded that he will be unable to do a deal that meets its needs.
In a letter to shareholders on Monday, Mr. Ackman said he would return the funds of his $4 billion SPAC, Pershing Square Tontine Holdings, because it was “unable to consummate a transaction that both meets our investment criteria and is executable.”
‘Enforcement 40’ for 2020
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