Private Equity

Bill Ackman's Blank-check Company Pershing Square Tontine Files For Ipo To Raise $3B

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Billionaire investor Bill Ackman's Pershing Square Tontine Holdings Ltd., a "blank check company," filed for an initial public offering to raise $3 billion. Under terms of the filing, the company is offering 150,000,000 units, which includes one share of common stock and one-ninth of one redeemable warrant, at a price of $20.00 per unit. One whole warrant gives the holder the right to buy one common share at $23 each. The company expects the stock to begin trading on the NYSE on the 52nd day following the filing. Citigroup, Jefferies and UBS Investment Bank are the joint book-running managers.

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