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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "UMG shares have generated a total shareholder return of 58% (Net: 40%) from our average cost at announcement, vs. a 18% return for the S&P 500(2)",
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      "text": "Pershing Square Tontine Holdings (\"PSTH\") announced agreement to acquire 10% of UMG from Vivendi in June 2021. Followed seven months of diligence and negotiations between Pershing Square and Vivendi.",
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      "text": "Completed the purchase of UMG shares ahead of schedule and on original terms. Preserved Pershing Square's reputation for doing what we say we're going to do. Purchase completed in September 2021 before UMG began trading as a public company.",
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      "text": "Pershing Square funds assumed PSTH's purchase obligations in July 2021. Driven by feedback received from the SEC on the proposed transaction structure, PSTH's board concluded that it was unlikely to receive necessary approvals in time.",
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