Ackman's SPAC last month agreed to buy 10% of the French media group's crown jewel for around $4 billion. Now, his Pershing Square Holdings hedge fund will take the stake instead of the SPAC.
"Our decision to seek an alternative initial business combination was driven by issues raised by the SEC with several elements of the proposed transaction – in particular, whether the structure of our IBC qualified under the NYSE rules," Ackman said in a letter to shareholders, published Monday. Pershing's share price has fallen 18% since the UMG purchase was announced on June 4, and Ackman said it had underestimated shareholders' reaction to the "complexity and structure" of the transaction.
"The equity interest eventually acquired in UMG will now be comprised between 5 and 10%. If it were less than 10%, Vivendi still intends to sell the shortfall to other investors before the distribution of 60% of the share capital of UMG to the shareholders of Vivendi scheduled to occur on September 21, 2021," the company added.
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