- Pershing Square Tontine is looking at employee-owned and family-controlled businesses as potential targets for a merger, Bill Ackman said in an interview with investor Whitney Tilson.
- The billionaire investor previously indicated his special-purpose acquisition company, or SPAC, was eyeing “mature unicorns” and “high-quality, venture-backed businesses” as takeover targets.
- Ackman added that he limited the size of his blank-check firm to avoid shrinking the pool of merger candidates.
- The SPAC aims to take a minority stake in a company worth between $10 billion to $15 billion, the billionaire investor said.
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Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company
Nikola shares surged on Thursday, one day after the company said its production timeline and factory plans remain on track amid widespread investor anxiety regarding the company’s business as well as its planned deal with General Motors.
The stock soared by as much as 31% at one point in the day, before ultimately closing with a gain of 17.7%. But the jump does little to dent the stock’s recent weakness; shares have tumbled 37% in the last month.
Short-selling firm Hindenburg Research accused the company of fraud in a scathing