Shares of Pershing Square Tontine Holdings, Ltd. (PSTH) slipped nearly 9% on Friday morning after the special purpose acquisition company revealed that it has entered discussions with Vivendi S.E. to buy 10% stake in Universal Music Group B.V. for about $4 billion.
PSTH is currently trading at $22.87, down $2.18 or 8.70%, on the Nasdaq. For the 52-week period, the stock has traded between $21.50 to $34.10.
Pershing Square plans to distribute the acquired Universal Music Group’s shares to its shareholders later this year, after Vivendi completes its previously announced listing of UMG on Euronext Amsterdam.
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