PSCM Acquisition withdraws offer for Pershing Square shares

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PSCM Acquisition Co LLC, an entity owned by affiliates of Pershing Square Capital Management, L.P. is withdrawing its tender offer.

Pershing Square said in a statement that”

“The proposed tender offer was for Pershing Square Holdings, Ltd. publicly traded shares, which was previously announced on 2 January 2018. PSH shares are traded on both the Premium segment of the London Stock Exchange and on Euronext Amsterdam.  Accordingly, it is regulated and supervised by UK authorities and by Dutch authorities, including the Dutch Authority for Financial Markets.   

Following PSCMAC’s public announcement of the Potential Tender, it promptly filed the required documentation with the relevant authorities.  While it would have been possible to make the Potential Tender on the proposed terms in accordance with UK requirements, the AFM’s interpretation of certain applicable rules regarding the Potential Tender make it, in PSCMAC’s view, not feasible to proceed with the Potential Tender.

Subject to applicable laws and restrictions (incl. art. 7 para. 7 of the Dutch Decree on Public Takeover Bids), Bill Ackman, CEO of PSCM, and other affiliates of PSCM, remain at liberty to, at any given time after the date hereof, purchase, directly or indirectly, PSH publicly traded shares, including through open market purchases (regelmatig beursverkeer).” the statement said.