Bill Ackman to wind up Spac and return $4bn to investors
by Julia Kollewe from US news | The Guardian on (#61AE0)
Billionaire says he failed to find a suitable company to take public using his investment vehicle
The US billionaire Bill Ackman has told investors he will return the $4bn (3.4bn) he raised for the biggest-ever special purpose acquisition company (Spac), after failing to find a suitable target firm to take public through a merger.
Ackman wrote to shareholders in Pershing Square Tontine Holdings (PSTH) to say he would return the sum, blaming the faster-than-expected economic recovery from the Covid-19 pandemic for the failure.
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