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Billionaire Bill Ackman lifts acquisition company's IPO target to record $4 billion

Billionaire Bill Ackman lifts acquisition company's IPO target to record $4 billion




Bill Ackman's special purpose acquisition company, Pershing Square Tontine Holdings, raised its IPO target to $4 billion from $3 billion, according to a Monday regulatory filing.




The SPAC now aims to go public with 200 million units priced at $20 each. The new target should set a fresh record for SPAC IPO proceeds.




Ackman hasn't yet revealed which company he aims to buy following the offering, but his firm has revealed interest in "high-quality, venture-backed businesses" otherwise deemed "mature unicorns."




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Pershing Square Tontine Holdings, the blank-check acquisition company led by hedge fund billionaire Bill Ackman, raised its initial public offering target to $4 billion from $3 billion, according to a Monday regulatory filing.
The special purpose acquisition company, or SPAC, plans to go public with 200 million units at $2o each. Ackman previously planned to sell 150 million units at the same price. If the target is met, Pershing Square will set a new record for SPAC IPOs.
Such blank-check companies use funds raised from IPOs and other sources to acquire other companies. Pershing Square previously backed a $1.44 billion SPAC acquisition of Burger King in 2012. The restaurant chain returned to public markets soon after and later merged with Tim Hortons.
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