Summary
- Well-publicized success of several high-profile SPACs this summer has led to bigger and more well-funded sponsors to enter the space.
- Bill Ackman’s Pershing Square has launched the largest-ever SPAC, Pershing Square Tontine Holdings.
- In a space where size and sponsor reputation are paramount, Ackman/Pershing Square stand out in both areas.
- High investor interest, outsized demand for the offering, and strong alignment with shareholder interest all bode well for shareholders.
- Large gains by other high-profile SPACs after their deal announcements mean that investing in Pershing Square Tontine should be advantageous for pre-deal investors.
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