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Ackman SPAC Slumps After Universal Music Deal Irks Investors

  • SPAC fell as much as 15% after news of UMG deal came out
  • Analyst called it a messy transaction, financial engineering
Bill Ackman

Bill Ackman

Photographer: Christopher Goodney/Bloomberg
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Bill Ackman’s blank-check company suffered its worst stock decline since September after announcing a complex music-industry deal that perplexed investors and analysts.

The special purpose acquisition company, called Pershing Square Tontine Holdings Ltd., fell as much as 15% in New York and closed at $22.06. While that’s still above its listing price of $20, it’s far below the high of almost $33 hit earlier this year.