BOSTON, Aug 13 (Reuters) - Billionaire hedge fund manager William Ackman told investors on Wednesday that his firm remains committed to pushing ahead on Valeant’s bid for rival Allergan and that the firm is still aiming to list one of its funds on an exchange this year.
“We will continue to focus on getting a transaction completed and maximizing the value of our investment,” Ackman wrote in a 20-page long shareholder letter seen by Reuters.
Ackman also said that the initial public offering of Pershing Square Holdings Ltd is “targeted for later this year.” The firm wants to access more permanent capital as it has long been forced to keep a substantial portion of its portfolio in cash to meet investor redemptions.
The firm, which has been making headlines with many of its investments including Herbalife and Allergan, has also hired its first ever Director of Corporate Communications, Ackman said. John Pinette, who worked most recently for Bill and Melinda Gates in the Gates Family Office will start his position next week.
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama