Pershing Square Tontine Holdings Ltd (NYSE:PSTH), a special purpose acquisition company (SPAC) promoted by hedge fund manager Bill Ackman, said on Monday that it will return $4 billion of capital in trust to shareholders.
What Happened: The decision to wind down the blank-check firm comes about two years after its initial public offering when its aim was to merge with and take public a large-cap private company meeting its investment criteria for "business quality, durable growth, and an attractive valuation."
