Ackman Says He’ll Return SPAC Funds If New Vehicle Approved (2)

Billionaire investor Bill Ackman said he’s prepared to return the $4 billion he collected from investors in his blank-check company if regulators approve a new vehicle that will allow him to continue to search for deals without the pressure of a definitive deadline for a transaction.

Ackman posted a letter to investors in his Pershing Square Tontine Holdings Ltd. late Thursday, saying a lawsuit filed this week challenging the legality of his blank-check company hurt his chances of finding a deal. Calling the lawsuit meritless, Ackman noted that he still has about another 11 months to find a company to ...