Bill Ackman massively scales back expectations for the IPO of his Pershing Square USA, from $25bn to $2bn
Bill Ackman, whose Pershing Square Holdings is one of Universal Music Group (UMG)’s largest shareholders, has massively reduced the price target for the IPO of his new US-based closed-end fund. Ackman gained a lot of press attention when Pershing Square Capital Management (PSCM) – the exclusive investment manager for Pershing Square Holdings – sold a…