Had the UMG transaction closed, the Pershing Square Funds would have invested $1.6 billion in PSTH units on the same terms as IPO investors.

Judged as of 19 August 2021. True: PSTH's filings or the UMG transaction documents show the Pershing Square funds were committed to buy about $1.6 billion of PSTH units (e.g. under forward purchase agreements tied to the UMG deal) at the same price and on the same unit terms as IPO investors ($20 per unit with the same warrant terms). Mostly true: the commitment and the same-terms structure are confirmed, but the amount differs slightly (roughly $1.5–1.7 billion) or a minor detail differs. Mixed: the amount is confirmed but the terms differed in a material way (e.g. a different price or warrant package), or the reverse. Mostly false: the funds had some commitment, but the amount was very different or the terms were clearly better than IPO investors received. False: there was no such commitment, or the filings show it was on clearly different terms and a clearly different amount.

Set before the research began.

1. E1 Confirmed: 10% of Universal set to be sold to Pershing Square SPAC in $4bn ‘iconic transaction’ - Music Business Worldwide Music Business Worldwide · 4 June 2021

   “PSTH expects to fund the transaction with cash held in its trust account from its IPO on the NYSE ($4 billion plus interest), and approximately $1.6 billion in additional funds from the exercise of its Forward Purchase Agreements with the Pershing Square Funds and affiliates.”

2. E2 Pershing Square Tontine Holdings, Ltd. (“PSTH”) to Acquire 10% of the Ordinary Shares of Universal Music Group (“UMG”) from Vivendi S.E. for Approximately $4 billion, Representing an Enterprise Value of €35 Billion | Pershing Square Holdings Pershing Square Holdings (PSTH press release) · 20 June 2021 Own record

   “Following completion of the Redemption Tender Offer and the Warrant Exchange Offer, the Pershing Square Funds will exercise approximately $1.6 billion of the Forward Purchase Agreements.”

3. E3 Pershing Square Tontine Holdings, Ltd. (“PSTH”) to Acquire 10% of the Ordinary Shares of Universal Music Group (“UMG”) from Vivendi S.E. for Approximately $4 billion, Representing an Enterprise Value of €35 Billion | Pershing Square Holdings Pershing Square Holdings (PSTH press release) · 20 June 2021 Own record

   “As in the IPO, the purchase price for each unit is $20 and consists of one share and one-third of a warrant.”

4. E4 Pershing Square Tontine Holdings, Ltd. (“PSTH”) to Acquire 10% of the Ordinary Shares of Universal Music Group (“UMG”) from Vivendi S.E. for Approximately $4 billion, Representing an Enterprise Value of €35 Billion | Pershing Square Holdings Pershing Square Holdings (PSTH press release) · 20 June 2021 Own record

   “The treatment described in the two paragraphs above places the Pershing Square Fund in the same position in respect of the units issued thereunder as an investor who acquired a unit in PSTH’s IPO and participated in the Warrant Exchange Offer.”

5. E5 Bill Ackman SPAC Drops Plan to Buy 10% UMG Stake Billboard · 19 July 2021

   “Bill Ackman has canceled plans to buy 10% of Universal Music Group through Pershing Square Tontine Holdings, a special purpose acquisition company, citing regulatory issues”

An independent trade report (E4) says PSTH expected to fund the UMG transaction partly with about $1.6 billion from exercising its Forward Purchase Agreements with the Pershing Square Funds. PSTH's official announcement of the deal (E9, E10) says the funds would exercise about $1.6 billion of those agreements, at $20 per unit with one share and one-third of a warrant "as in the IPO". The same announcement (E11) says this treatment put the Pershing Square Fund in the same position as an IPO investor who took part in the Warrant Exchange Offer. Billboard (E12) confirms the deal was cancelled, so it never closed, which fits the claim's "had the transaction closed" framing.