Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback
- Bill Ackman's
SPACdeal to buy 10% of Universal Music Groupis reportedly facing pushback.
- The resistance, according to Bloomberg, is coming from Artisan Partners, a large shareholder of
Vivendi, which Ackman's SPAC is buying the stake from.
- "Selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision," Artisan said.
He added: "Placing a tax burden on the shareholders of Vivendi through the de-merger process is unattractive. We believe management should find a tax-friendly solution."The deal with UMG would be the largest SPAC transaction on record, according to the Wall Street Journal, which first reported the news. It would have an enterprise value of about $42 billion.
Ackman beat out other rivals for the stake including private equity group Hellman & Friedman.
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