Bill Ackman’s investment firm and manager of the £5.6bn London-listed trust Pershing Square Holdings (PSH) has received regulatory approval to register a unique special purpose acquisition rights company (SPARC) structure.
The structure was approved by the Securities and Exchange Commission on Friday (29 September) and is intended to be the successor to Ackman's US-listed SPAC Pershing Square Tontine, which was wound up last year and returned £4bn to shareholders. According to a statement by Ackman's firm, Pershing Square Capital Management, the SPARC will immediately begin to pursue business combination opportunities with "private, high-quality, growth companies". This will also include carve-out transactions with large capitalisation public or private companies. The vehicle will be targeting companies...
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