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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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      "text": "We remain disciplined in seeking a potential transaction for PSTH that meets our core investment principles",
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      "text": "Disappointing outcome for PSTH investors, but large opportunity set remains; PSTH is a highly attractive merger partner with up to $7bn in deployable cash; Unique scale; Well-positioned as an alternative to an IPO.",
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      "text": "Pershing Square assumed PSTH's obligations to Vivendi; Completed the purchase of UMG shares ahead of schedule; Preserved reputation; Reimbursed PSTH for broken deal costs.",
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      "text": "We are highly economically and reputationally motivated to consummate a transaction that creates value for PSTH shareholders; We remain disciplined on both business quality and valuation",
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      "text": "Pershing Square Tontine Holdings (\"PSTH\")",
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