Pershing Square increases bid for PSCM Acquisition Company

Pershing Square increases bid for PSCM Acquisition Company

Pershing Square Holdings, Ltd., and PSCM Acquisition Company LLC have confirmed they have agreed with PSH to increase the price range for PSCMAC’s potential Dutch tender offer.

The offer has been increased to $300 million of PSH’s public shares from a 24% to 16% discount to net asset value (“NAV”) to a revised range of a 16% to 10% discount to NAV.  

The revised range, which represents an 8.1% to 15.8% premium to the average 22.3% discount to NAV at which PSH traded for the 120 calendar days prior to the initial announcement of the Potential Tender Offer on 3 January 2018, has been agreed to after discussion between the Board of PSH and PSCMAC.

Pershing Square said, “Further announcements regarding the launch of the Potential Tender Offer, which is subject to the receipt of relevant regulatory permissions, will be made by PSCMAC as soon as possible”.