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DealBook: Bill Ackman drops his big SPAC deal
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July 19, 2021
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Bill Ackman’s huge SPAC will have to find another target.
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On second thought …
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When Bill Ackman’s jumbo-sized SPAC, Pershing Square Tontine Holdings, struck a deal last month to buy a 10 percent stake in Universal Music Group, it did so with a highly complex transaction that
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took a lot of explaining
</a>
. Now, pushback from the S.E.C. has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
forced Ackman to change course
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
A quick reminder of how the original deal was supposed to work:
</p>
</td>
</tr>
</tbody>
</table>
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<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The Pershing Square SPAC would have invested $4 billion to buy a 10 percent stake in Universal Music, which is home to artists like Taylor Swift and Ariana Grande and was already being taken public by its parent, Vivendi.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The $1.5 billion left in the SPAC would have been rolled over into a new publicly traded acquisition fund that would have looked to do another deal.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Existing SPAC investors would have gotten a financial instrument that gave them the right to buy into
<span style="font-style:italic;font-size:inherit">
yet another
</span>
deal vehicle, which would seek its own takeover target.
</span>
</li>
</ul>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The S.E.C. had concerns, namely whether it qualified as a SPAC deal at all.
</span>
In a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
letter to investors
</a>
today, Ackman said his team had failed to change the agency’s mind over multiple meetings. It didn’t help that investors in the SPAC seemed wary, too: Shares in Pershing Square Tontine had lost nearly a fifth of their value since the deal was announced.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
“
</span>
We underestimated the reaction
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
that some of our shareholders would have to the transaction’s complexity and structure,” Ackman wrote.
</p>
</td>
</tr>
</tbody>
</table>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Now it’s back to the drawing board.
</span>
Ackman’s hedge fund will buy the Universal Music stake directly instead. Pershing Square Tontine now has 18 months to find and close a new deal, unless shareholders give it more time, and “our next business combination will be structured as a conventional SPAC merger,” Ackman added.
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Having got their heads around the Universal Music deal, will investors show relief or suspicion about the SPAC’s next move? Pershing Square Tontine’s shares are roughly back to their I.P.O. price, so it will be telling how they trade after the company’s pivot.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
This is the latest sign of regulators reining in the SPAC market,
</span>
making clear that they’re worried about
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
protecting investors
</a>
in those funds, which have boomed over the past year. Federal prosecutors and the S.E.C. are
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
investigating Lordstown Motors
</a>
, the electric truck maker that went public via SPAC and issued confusing information about its orders. The S.E.C. has charged the space travel company
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Momentus and its SPAC partner
</a>
with misleading investors.
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<span style="font-size:17px;line-height:25px">
For all its complexity, Ackman’s SPAC was pitched as
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
particularly friendly for investors
</a>
, without the typical compensation for sponsors that has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
attracted criticism
</a>
and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
regulatory scrutiny
</a>
. Its deal with Universal Music also didn’t come with the overly rosy financial projections that mark many SPAC deals. In going after Ackman’s multilayered transaction, regulators appear to signal that they want SPACs to stick with a plain-vanilla approach.
</span>
</li>
</ul>
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HERE’S WHAT’S HAPPENING
</h3>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
England’s first day without pandemic restrictions is off to a rocky start.
</span>
Hailed by tabloids as “Freedom Day,” today’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lifting of most virus-related limits
</a>
has been marked by surging cases and staff shortages because of people self-isolating after being pinged by a government track-and-trace app. (Prime Minister Boris Johnson is among those in a 10-day quarantine.)
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OPEC and Russia clinched a deal to increase oil production.
</span>
The countries
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will pump more oil
</a>
next month, increasing worldwide supplies by 2 percent. But supplies are likely to remain tight until at least the fall, analysts said.
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Robinhood aims for a $35 billion valuation in its I.P.O.
</span>
The online trading app revealed an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
expected price range
</a>
for its market debut, kicking off a roadshow to prospective investors. That puts the company on track to begin trading next week.
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An Israeli spyware maker is linked to hacking of activists, reporters and executives.
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An investigation
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
unearthed 50,000 phone numbers
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associated with people of interest to clients of NSO Group, and attempts were made to break into
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dozens of smartphones
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from the list. NSO, which
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has been criticized
</a>
for ties to authoritarian governments, denied wrongdoing.
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Zoom makes a $15 billion bet on … phone calls.
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The videoconferencing company
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will buy Five9
</a>
, a call-center operator, in its biggest acquisition to date. Zoom is looking beyond its core market as rivals muscle in on its turf.
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Zegna gets a blank check to grow globally
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In other news from the SPAC world, the luxury menswear brand Ermenegildo Zegna plans to end over a century of complete family control this morning by
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
going public via a SPAC
</a>
. It, like other high fashion companies, is bulking up as it bets that well-heeled customers will keep spending.
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The company wanted capital to expand.
</span>
Zegna will trade on the New York Stock Exchange by merging with a blank-check fund run by the European investment firm Investindustrial, gaining both $880 million in fresh cash and access to the capital markets to raise more. Gildo Zegna, its C.E.O. and the grandson of the company’s founder, made clear that M.&A. is in the company’s future: “We want to consolidate,” he said on a call with journalists this morning.
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The backstory: The Zegna family was approached by the SPAC’s chairman, the former UBS chief executive Sergio Ermotti, in January. Before then, Gildo Zegna said, the company had been content to stay private: “There was not a competition between a SPAC and an I.P.O.”
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Other luxury houses have been doing deals, too.
</span>
LVMH bought Tiffany & Company earlier this year, while L Catterton, an investment fund backed by LVMH, is reportedly in talks to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
buy the label Etro
</a>
. And both Capri Holdings (the former Michael Kors) and Tapestry (the onetime Coach) have struck acquisitions in recent years.
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“I think if you define fairness by ‘fair market value,’ then C.E.O.s are paid fairly. I think if you define fairness by how you think society should value people, then I think C.E.O.s are paid too much.
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<span style="font-style:italic;font-size:inherit">
— Dara Khosrowshahi, the C.E.O. of Uber,
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
in an interview
</a>
</span>
<span style="font-style:italic;font-size:inherit">
with Times Opinion columnist Maureen Dowd.
</span>
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The week ahead
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
▶︎ Another billionaire goes to space.
</span>
On Tuesday, Jeff Bezos is expected to become the second billionaire rocket company founder to go to space this month. (Richard Branson
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
beat him by nine days
</a>
.) The billionaires’ trips are a small step toward a new frontier for tourism — and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
liability insurance
</a>
.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
▶︎ Earnings reports from United, Southwest and American Airlines
</span>
will serve as a progress report for postpandemic travel. Delta Air Lines, which last week
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reported its first profit
</a>
since the start of the pandemic, said domestic leisure travel had fully recovered. But there’s still a big question over whether business travel will ever be the same.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
▶︎ The spectator-less Olympics start on Friday.
</span>
Over the weekend, organizers reported the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
first cases inside the athletes’ village
</a>
. Toyota, a major sponsor, said today that it would
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cancel its Olympic-related TV ads
</a>
in Japan, as public opinion turns against the event. Hosting the Olympics
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
rarely pays off
</a>
for cities in the best of times, but it is shaping up to be particularly costly for Tokyo.
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Is Facebook ‘killing people’?
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
President Biden on Friday
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
told reporters
</a>
that social media platforms are “killing people” by allowing vaccine disinformation to proliferate. The highly contagious
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Delta variant
</a>
has fueled an uptick in cases, especially in places with low vaccination rates. Frustration with Facebook
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
has grown
</a>
after recent meetings between White House officials and company executives.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Facebook said it is a scapegoat for Biden’s missed vaccination goals
</span>
. Guy Rosen, a Facebook vice president, wrote a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lengthy blog post
</a>
over the weekend entitled “Moving Past the Finger Pointing.” Among other things, he said that 85 percent of users in the U.S. “have or want to be” vaccinated, though
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
some questioned
</a>
the company’s numbers.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
It’s complicated.
</span>
As Kara Swisher noted in a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Times Opinion column
</a>
, Facebook is a gateway to both helpful and hurtful information, “presenting clearly solid information about Covid, as well as a place where an enormous flood of lies about it has overwhelmed the same zone.” Are the posts and videos that Facebook users see
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
changing minds
</a>
or reinforcing priors? We don’t know from the data released thus far, and the balance of celebration and scorn depends on it.
</p>
</td>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
WeWork’s chicken problem
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Masa Son, the head of SoftBank, once sent Adam Neumann, the founder and head of WeWork at the time, a picture of Yoda on which he had scribbled, “Chicken First!!” That odd piece of encouragement is just one of the eye-catching details in an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
excerpt from the new book
</a>
, “The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion.”
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Some of the other juicy anecdotes from the book —
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
here is The Times’s review
</a>
— written by The Wall Street Journal reporters Eliot Brown and Maureen Farrell:
</p>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Neumann said he needed $70 billion in funding to achieve his growth goals, several times more than any start-up had raised before.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Neumann told aides he wanted WeWork to buy the ride-sharing company Lyft, and held discussions to acquire the restaurant chain Sweetgreen.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Neumann wanted his contract with the company to say he could retain control of the company even if he were sent to jail for committing a felony.
</span>
</li>
</ul>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Son’s cryptic message referred to the perennial chicken-and-egg question. Unmet demand is typically what hatches a new business idea. But Son advised Neumann that if he could show customers what a fully grown chicken looked like first, demand would follow. At the time, Neuman was expanding the company into things like yacht charters (WeSail) and preschools (WeGrow).
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The result was a zoo. Son backed out of a key financing deal. Neumann got the boot. Then the pandemic hit and WeWork’s value plunged. One of the lessons is that breaking the rules of business is not always a recipe for success.
</p>
</td>
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</table>
</div>
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<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
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Deals
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<span style="font-size:17px;line-height:25px">
Johnson & Johnson is said to be weighing whether to use bankruptcy laws to shield itself from lawsuits over talc products. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Reuters
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
China reportedly plans to exempt companies going public in Hong Kong from the cybersecurity reviews that tripped up Didi Chuxing. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Is this medical lawsuit company, which is going public via a SPAC, really worth $33 billion? (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
</ul>
</td>
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</tbody>
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Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The White House is expected to formally accuse the Chinese government of hacking Microsoft email systems used by thousands of institutions. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Treasury Secretary Janet Yellen will meet with other regulators today to discuss the benefits and risks of stablecoins. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“What China Expects From Businesses: Total Surrender” (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The failure of a Chinese semiconductor company shows the limits of Beijing’s support for would-be national tech champions. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
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Best of the rest
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“What Ever Happened to IBM’s Watson?” (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Two Americans convicted of helping smuggle Carlos Ghosn out of Japan were each sentenced to over a year in prison. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
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3 years, 11 months ago - nytdirect@nytimes.com
DealBook: Bill Ackman drops his big SPAC deal
The reversal came after meetings with regulators.View in browser|nytimes.comContinue reading the ...