PSTH Spac Forum: Community User: TheSp0iL

Danke 👍

They have both signed the giving pledge. In the WSJ interview, he is putting his loyalty to New York on display. He's also very informed about New York politics, and mayoral potentials, which I never heard him talk about before. Bloomberg is a former New York mayor, of course. Bloomberg owns 88%. It is possible to come to a deal without Bloomberg giving up shares or very few. The public market liquidity and the multiple put on the Bloomberg cash flow could be desirable to up his philanthropy. Meanwhile, Michael Bloomberg is 78, and turning the company into a public entity could be helpful to his estate. It becomes clearer what the private asset is really worth. Bloomberg has said he wants to sell the business at some point: 'I think at my age, if selling it is possible, I would do that,' Bloomberg said. 'At some point, you're going to die anyway, so you want to do it before then.' It is also easy enough to envision there being tax implications if Bloomberg L.P. morphs into a public entity. This could explain the long time the parties are taking to wrap things up. Previously, I discounted this deal because when the New York Post reported a potential tie-up, the company tweeted this: Source: Twitter It is possible there were no serious sales talks ongoing at this time and it is consistent with the November starting date of deal talks, as put forth by Ackman in this latest WSJ interview. I'd be very happy if Bloomberg is the target. I view it as something like the Adobe (NASDAQ:ADBE) of finance. It is a highly desirable platform business, a great culture, incredible moat. Yet, it could potentially benefit from an outside impulse in terms of expanding and strengthening its competitive advantages for the coming decades. I'm now putting a 75% chance on Bloomberg being the target and a 25% it is any of the others. Another target wouldn't have to be bad. After this interview, the stock got a boost. The market seems to believe the deal gets done soon or Ackman will need to move on to a new target. For example, you can buy the stock and write a call at the money, or $25.50, for $1. On a 9-day expiration! I don't love the idea of buying the stock at $25.50 now but selling July $22.50 puts for $0.80 seems like an attractive proposition. The PSTH SPAC shares were initially IPOed at $20. But they include a 1/9th warrant, the option of getting 2/9th tontine warrant and Ackman has gone on Twitter to promise PSTH shareholders preferential treatment that's likely worth something. Aside from its status as the alpha SPAC, it probably deserves a premium because of these features. Alternatively, buying shares with the intent of writing calls against them also still seems quite attractive. If I were doing something like that now, I'd probably write the September or December calls for $3.75 or $4.60 respectively. There is a chance these will expire worthless if the deal falls through and Ackman can't source a new deal soon enough. The shares hedge the painful outcome if the SPAC rockets on a Bloomberg deal. If PSTH doesn't do well, unless the SPAC falls below $21.75 by expiration, both should end up profitable.

Stripe With PSTH in talks since early November, according to Ackman here, Stripe seems increasingly unlikely. In the summer of 2020, Jacqueline D. Reses, head of Square Capital, LLC, a wholly-owned subsidiary of Square, Inc. (NYSE:SQ) joined the board. Are you really going into six months of due diligence on Stripe and talk with your team about a major competitor? She definitely has a lot of insight into this business. But this seems to make opening up a bit unattractive to Stripe. Talking for six months about how to go public doesn't fit the VC profile very well either. Silicon Valley people tend to like the SPAC for the fact it can streamline the IPO process. Stripe is dual-headquartered in Ireland and the U.S. Ireland is notoriously tax-friendly. This fits the idea of Pershing requiring time to think through how to bring the company to market so the seller isn't negatively impacted. Finally, I don't think Stripe fits the "Iconic" description very well. I'd think of something like PayPal (PYPL) as iconic in this space. It is not an impossible target but seems an unlikely one. Epic Gaming Epic Gaming is famously involved in the litigation against Apple (AAPL). The company isn't a natural fit given Ackman's proclivity towards non-tech industries. The biggest reason it seems unlikely to be the target is this major piece of litigation. It introduces a lot of uncertainty that makes deal-making hard. That makes it hard to get something public and to get the valuation a seller would like and the valuation Ackman wants to see once public. The timing doesn't make a lot of sense. Epic seems quite unlikely just because of the Apple litigation but isn't a great fit with other criteria either. Having said that, I do view it as a great business that could do well over the long term. Bloomberg Bill Ackman knows Michael Bloomberg quite well and likes him a lot. Ackman wrote a piece in the FT back in '19 backing him to run for President: "America is burning but Michael Bloomberg can put out the fire"

PSTH doesn't have to meet these. But, interestingly, Ackman said the target meets all of the requirements. Look at the third bullet. It is very unlikely Ackman will go with a crypto-related business like Blockfi or Ripple (XRP-USD) for various reasons and this bullet is one of them. Bullet 5 seems to rule out something like Starlink (STRLK) or SpaceX (SPACE). I could be wrong about that but it doesn't seem likely to me. Also, usually Tesla's (TSLA) Elon Musk tweets at the whiff of no deal, and here he's supposedly been silent for six months or so? Bullet 6 is very important because S&P 500 inclusion comes with an additional set of criteria that allows us to narrow down the list. Think of a U.S. business (narrows down the list some), the market cap of $12 billion , public float of 10% at a minimum, liquid stock, most recent quarter, and the sum of the trailing four quarters needs to be positive. If I look at all the possible targets, I continue to think of Stripe (STRIP), Epic Gaming (OTCPK:EPOR), and Bloomberg as top candidates. Robinhood (RH) started an IPO process with Goldman Sachs (GS.PK) in December 2020. Plaid, another fintech startup, called off its deal with Visa (V) too late to fit the timeline laid out by Ackman in this interview. Crypto candidates like Blockfi and Ripple Labs, known for cryptocurrency Ripple seem unlikely because crypto doesn't fit the narrative here.

Pershing Square Tontine Holdings seemed set to close Q1 2021. A downdraft in SPACs seemed to have stalled a deal from coming to fruition. In a recent interview with the WSJ, Bill Ackman clarified PSTH has been in talks with one company for over six months. A deal is either going to happen relatively soon or PSTH is moving on. 2016 DealBook Conference Photo by Bryan Bedder/Getty Images Entertainment via Getty Images Pershing Square Tontine Holdings (NYSE:PSTH) is one of the SPACs that's being followed most closely. It is led by Bill Ackman who did not just raise the largest SPAC ever but also introduced a much better and more equitable tontine structure. The SPAC includes 1/9th warrant with a share. Interestingly, holders who hold through the business combination (instead of redeeming) receive another 2/9th warrant (called a tontine warrant) AND a pro-rata share of the tontine warrants that redeemers leave on the table. There is a huge incentive to hold through the business combination here. I've written about Pershing Square Tontine Holdings and its potential targets before. At the time, there was still quite a list of potentials and nothing seemed like the obvious target. Recently, Ackman gave an interview to the WSJ, see video below, and it was chock full of information regarding the deal. I think I have a much better idea of the most likely deal at this point. Here are some of the new things Ackman said in the interview: It is a very complicated transaction. Pershing is solving issues for the seller that take a lot of time. They have been in talks with a seller since November and remained engaged all that time. They basically zeroed in on this deal. If it doesn't go through, they wasted six months. He doesn't like the supermarket business. There are a lot of major private U.S. supermarket businesses, so this is very helpful. The target meets all of Pershing's criteria (maybe he literally said "all" although he may have been exaggerating; that narrows down the list). I read his body language as the target not being Mars (this is a highly speculative conclusion and I could be wrong). It involves an "Iconic" company. Iconic almost precludes the Unicorn set. There are exceptions where a "startup" defines a category. But Iconic is not a word that tends to reference an established entity.

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Bloomberg fänd ich auch interessant

https://seekingalpha.com/article/4430116-pershing-square-tontine-holdings-target-list-getting-shorter

Guter DD für Porsche

Starlink, Porsche oder Stripe

Viele träumen immer noch von stripe

Neue Tendenzen, wer es werden könnte?

Die Amis meinen es wird bald veröffentlicht wer es wird

Es wird langsam spannend hier 🙈

Zu wenig noch leider