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.
For comments and feedback: editorial@rttnews.com