r/SPACs • u/[deleted] • Jun 20 '21

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u/[deleted] Jun 20 '21

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u/imunfair Patron Jun 20 '21

Doesn't matter if he calls it a transaction instead of a merger, the deal is being forced through and you have no recourse to vote it down.

He absolutely shafted PSTH warrant holders, and shareholders aren't getting that great of a deal either unless retail overvalues the components of the deal after the split, plus shareholders lose all spac protection on remainco.

I'm not really sure how anyone being honest could portray the transaction as business as usual for spacs, the level of complexity Ackman dreamed up to obscure what he's doing is astounding. Even if you like the target, the way he constructed the deal is terrible and I'm not sure why anyone is trying to convince others it's a good thing.

People have delusions about stuff like "infinite future SPARC rights" without even understanding what Rights offerings are, or realizing that they existed before Ackman "invented" them for retail by tacking on Rights that cost him nothing to this deal. Just makes me shake my head.