Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Bill Ackman has withdrawn the proposed public listing for closed-end fund Pershing Square USA, a new investment vehicle that was initially expected to price on the New York Stock Exchange as early as this week.
The announcement comes after a challenging week for the hedge fund billionaire, as the float’s fundraising target dropped from $25bn to $2bn and a crucial investor backed out of the IPO.
While the company has received “enormous investor interest” in the listing, meetings in recent weeks prompted Ackman, the founder and chief executive of hedge fund Pershing Square Capital Management, to evaluate whether investors would be “better served waiting to invest in the aftermarket than in the IPO”.
“This question has inspired us to re-evaluate PSUS’s structure to make the IPO investment decision a straightforward one,” Ackman said in a statement on Wednesday.
This is a developing story
Read the full article here
