Bill Ackman Mulls Sweeteners to Revive Pershing Square US IPO

• Bill Ackman is seeking to resurrect the initial public offering of Pershing Square USA by offering sweeteners to early investors.
• Ackman has sounded out backers about a structure that would include additional incentives alongside Pershing Square USA stock.
• One option would gift early investors in Pershing Square USA the right to buy extra shares in the vehicle in the future at a fixed price through warrants.
• The real prize for investors in Pershing Square USA is likely to be rights to buy into the eventual IPO of Pershing Square Capital Management.
• Under the previous plans for the IPO, Ackman had sought to lure investors by waiving management fees for the fund’s first year of trading.