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The eagerly awaited initial debut of billionaire Bill Ackman’s U.S. closed-end fund has been postponed, the New York Stock Exchange website showed on Friday.
In late June, Pershing Square Capital Management, the investment firm led by Ackman, set an initial offering price for the fund, called Pershing Square USA Ltd., at $50 per share.
The fund was expected to raise $2.5B-$4B, but the initial public offering has been delayed until a date to be announced, per the NYSE site. The offering was reportedly scheduled to price on Monday and start trading the next day.
The update comes after Pershing Square USA filed a regulatory update with the U.S. Securities and Exchange Commission that included a letter he wrote to investors on Wednesday.
The letter, Bloomberg reported, said the firm was reducing the anticipated returns from the deal and had secured a variety of orders from a range of investors. Ackman had said Pershing Square USA could raise some $25B.
