He used the SPAC to get UMG to the table then purposely structured the deal in a way that if SEC did not approve he would have to buy it with his fund. Thus leveraging the spac and all the hype around it to get what he really wanted, UMG in his fund.
Ackman's fund is now the second largest owner of UMG, and spac investors have worthless sparcs waiting for sec approval years later.
If you follow Ackman you will see his m.o. plays out like this over and over on every deal and boardroom he is a part of.
Edit: Also a large amount of retailers were in warrants and got $0 back.
Ackman's fund is now the second largest owner of UMG, and spac investors have worthless sparcs waiting for sec approval years later.
If you follow Ackman you will see his m.o. plays out like this over and over on every deal and boardroom he is a part of.
Edit: Also a large amount of retailers were in warrants and got $0 back.