(pstontine.com) The board of directors of Pershing Square Tontine Holdings has agreed to end a deal with Universal Music Group.
The decision by Pershing Square Tontine reflects issues raised by SEC, including whether the structure of the transaction complied with the NYSE rules.
Pershing Square will assume the related UMG transaction costs and Vivendi Indemnity agreement.
Pershing Square’s share price has plunged by 18% since the deal with AMG was announced on June 4th due to shareholder concerns on the structure and complexity of the transaction.
Pershing Square still maintains its intention to be a long-term shareholder of UMG and expects to work with the management to create value.
PSTH: NYSE is down -2.08% on premarket, PSH: AMS is down -2.64% on premarket.
