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Bloomberg Denies Report Of Minority Stake Sale Talks With Bill Ackman's SPAC

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Bloomberg Denies Report Of Minority Stake Sale Talks With Bill Ackman's SPAC

Financial media juggernaut Bloomberg LP has denied a media report that claimed the company is exploring a deal to sell a minority stake to a company controlled by billionaire investor Bill Ackman.

What Happened: "A report today about Bloomberg LP ownership is not true. The company is not for sale," Bloomberg said in a tweet, without giving further details.

The New York Post earlier in the day published a report that claimed billionaire Michael Bloomberg is exploring to take his media empire public via a special purpose acquisition company, or SPAC.

Ackman's blank check company Pershing Square Tontine Holdings (NYSE: PSTH) had raised $5 billion to buy, or merge with, another company. According to the NY Post, Bloomberg has spoken directly with Ackman about the plan to sell a small stake and take the company public but still retain ownership control.

"He’s has wanted Bloomberg from the start. He took a run at Airbnb, but Bloomberg was always at the top of his list and the deal makes sense. He loves Mike and it’s a huge win for him," a person, reportedly with knowledge of the talks, told the NY Post.

Why It's Important: Ackman's SPAC is rich in capital, including commitments from Pershing Square Capital Management.

Earlier In September, Airbnb snubbed an offer from Ackman to go public via SPAC, choosing the traditional IPO route instead.

There were also reports of Ackman approaching Stripe for a SPAC merger.

Price Action: PSTH shares gained 3% in the after-hours session at $23.88 on Tuesday.

Photo Courtesy: Wikimedia

 

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