In typical Bill Ackman fashion, he’s trying to change Wall Street in a big and meaningful way
. He still owns it. He reportedly has a late model Gulfstream jet and a trophy house in the Hamptons. He used to live at the Beresford, overlooking Central Park, but has moved on from there with his new wife, the artist and MIT professorNow, in typical Bill Ackman fashion, he’s trying to change Wall Street in a big and meaningful way.
But what makes the offering important is that for nearly the first time in Wall Street history, Ackman decided to give seven, very small, veteran-, women-, and minority-owned investment banks meaningful roles not only in the millions of dollars of fees the underwriting will generate but also in the distribution of the stock being sold.
If all goes according to Ackman’s plan, he will soon have a huge new unrestricted pool of some $5 billion in equity capital, or more, to make a huge acquisition, plus the publicly traded stock of the SPAC to use as acquisition currency. The prospectus provides a little window into Ackman’s thinking about what he may buy.
That gets one thinking. What are a few large, privately held companies where the current owner or owners may be looking for an elegant and quick exit strategy and that are so valuable that even after Ackman buys his stake, it will still be a minority position, albeit a large one? There are names like Koch Industries, the private Midwest industrial giant owned by the aging Koch family.
Not saying Ackman has his sights on Bloomberg L.P. or not that Mike Bloomberg would ever consider such a deal. But it may be the perfect deal for Ackman, the man who wants to be the greatest investor of his generation and isn’t afraid to do big things.
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