Ackman's Pershing Square Raises More Than $3 Bln In Amsterdam IPO

(RTTNews) - Pershing Square Holdings Ltd. announced Wednesday that it successfully raised $3.07 billion of additional capital which, when combined with Pershing Square existing assets, results in Pershing Square Holdings'initial market capitalisation equalling about $6.2 billion at the $25 issue price, excluding the over-allotment option.

Settlement is expected to take place on 6 October 2014 and the Public Shares are expected to be admitted for listing and trading on Euronext Amsterdam on 13 October 2014.

As previously indicated, the new issue comprises a placing of new Public Shares, which has been upsized to $2.73 billion, (excluding an over-allotment option of up to about $272 million or 10% of the Placing Shares), a $212.5 million private placing of new Public Shares to certain existing investors in Pershing Square International, Ltd. who have elected to exchange their existing investments for new Public Shares or the "Rollover Investors" and a $129 million additional subscription by the management team of Pershing Square Capital Management, L.P. for a separate class of management shares , which when combined with existing Management Shares totals $212.5 million. The new Public Shares and Management Shares will each be issued at $25 per share.

"The completion of the offering of Pershing Square Holdings is a seminal event in the history of the firm. We are extraordinarily appreciative of the many new and existing investors who have chosen to participate," said Pershing Square's founder and CEO, Bill Ackman.

Pershing Square Holdings also announced that it has appointed Anne Farlow as chairman of the Board of Directors of the company effective upon the Settlement Date. Farlow is an experienced private equity investor with broad international experience including prior service on the boards of 17 companies over the past 22 years.