Ackman Got His SPARC, but Don't Expect Him to Buy Twitter – Institutional Investor

After two years, 15 amendments, and more than $10 million in legal fees, Bill Ackman finally managed to get Pershing Square SPARC Holdings approved by the Securities and Exchange Commission.“I’m the most patient man in America,” joked Ackman, in reference to the long wait for the SEC’s approval.Ackman conceived the newfangled SPARC structure as an improvement on a special purpose acquisition company after the SEC effectively denied the Universal Music Group deal struck with Ackman’s SPAC, Pershing Square Tontine Holdings, in 2021. The SPARC’s purpose, like that of a SPAC, is to invest in a private company and take it public. Now the billionaire CEO of hedge fund Pershing Square Capital is on the prowl for a deal with a company seeking to raise $1.5 billion or more — and has already been fielding inquiries from interested parties. “The phone was ringing all weekend,” said an individual familiar with the situation. (On Friday, Ackman tweeted “If your large private growth company wants to go public without the risks and expenses of a typical IPO, with Pershing Square as your anchor shareholder, please call me. We promise a quick yes or no.”) One candidate floated by the Wall Street Journal is
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