Hedge fund manager Bill Ackman's Pershing Square USA Ltd. on Wednesday decided to scrap its initial public offering plan, with the billionaire stressing he would return with a revised proposal for the fund's offering.
"Over the last seven weeks, we have met with many institutions and family offices, and held numerous town halls for Pershing Square USA, Ltd. While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO?," Ackman said in the statement.
The decision follows the news that Ackman was aiming to raise $2 billion in the IPO, far less than originally rumored. Last week, a notice on the New York Stock Exchange’s website indicated that the billionaire had already postponed the offering.
