Bill Ackman has cut the amount he is seeking to raise in the initial public offering of his US investment fund Pershing Square USA to $2bn, a fraction of the $25bn the billionaire hedge fund manager had initially targeted.
The New York Stock Exchange-listed closed-end fund will sell the shares “as soon as practicable”, according to an SEC filing published on Tuesday.
In a letter to investors last week, Ackman said he anticipated launching with $2.5bn to $4bn. The banks leading the deal include Citigroup, UBS, Bank of America and Jefferies.
This is a developing story