Ackman says hopes to make announcement on SPAC target within weeks

FILE PHOTO: William Ackman, founder and CEO of hedge fund Pershing Square Capital Management

By Svea Herbst-Bayliss

BOSTON (Reuters) – Billionaire investor William Ackman said on Tuesday that he hopes to make an announcement on the target for his $4 billion blank-check investment vehicle within weeks.

Ackman told investors on a quarterly call that his team is “working to complete the transaction” and that he likes the business and loves the management team.

If however the deal should collapse, Ackman said he would then move on to his next target. Either way, he said he would offer an update.

Ackman made headlines last year when he raised Pershing Square Tontine Holdings, making it the biggest blank check company ever.

Special Purpose Acquisition Companies (SPACs) like Pershing Square Tontine raise money in an initial public offering with the aim of merging with a private company. For the private company, the process is an alternative to it doing an IPO itself.

(Reporting by Svea Herbst-Bayliss; Editing by Nick Tattersall)