We believe this is a tremendous opportunity for several reasons.
First, Pershing Square will have little competition in finding this investment and negotiating the terms.
Second, as a minority investor, Pershing Square will not have to pay a control premium. Much like in an IPO, the seller does not mind leaving a little money on the table for a minority of his company if he thinks the transaction and the partnership with Pershing Square will help boost the long-term value of the majority he retains.
Pershing has already put together an all-star board that in addition to Bill Ackman, includes Lisa Gersh, co-founder and former president of Oxygen Media; Michael Ovitz, co-founder of Creative Artists Agency and former president of Walt Disney; Jacqueline D.
With Ackman, the seller would get a partner with extensive experience navigating public markets allowing management to focus on operations and board members like Ackman to deal with the issues and obligations inherent in being a public company. Moreover, how better to activist-proof your company than partnering with one of the premiere activists.
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