REG-Pershing Square Holdings, Ltd. William A. Ackman and Affiliates To File Tender Offer Documentation with Dutch Authority for the F

Pershing Square HoldingsAnnouncement

04/01/2018 07:00

                      William A. Ackman and Affiliates To File Tender Offer Documentation       with Dutch Authority for the Financial Markets                    
                      Further to the joint press release dated 2 January 2018 regarding a       potential tender offer by PSCM Acquisition Co LLC (PSCMAC) for       Pershing Square Holdings, Ltd.'s (PSH) public shares (Potential       Tender), PSCMAC today announces that it expects to file a draft tender       offer document (Offer Document) for review by the Dutch Authority for       the Financial Markets (                      Autoriteit Financile Markten                      , AFM)       later today.                    
The Offer Document will be published and the Potential Tender open for       acceptance following AFM approval of the Offer Document. It is       anticipated that the Potential Tender will be made for up to       USD300,000,000 in value of public shares at the tender price. The tender       price will be determined on the basis of bids received in the Potential       Tender. It is anticipated that holders of the public shares will be       invited to tender shares for acquisition at prices representing between       a 24% to 16% discount to the prevailing Net Asset Value per public share       at the closing date of the Potential Tender. Following closing of the       Potential Tender, a single tender price will be determined on the basis       of the Net Asset Value per public share at the closing date of the       Potential Tender, the number of public shares tendered and the prices at       which they have been tendered. Only public shares validly tendered at       prices at or below the tender price would be acquired in the Potential       Tender.
As set out in the joint press release dated 2 January 2018, PSCMAC will       finance the Potential Tender through available cash and committed       financing. PSCMAC has no reason to believe that it will not be able to       fund its obligations to purchase PSH public shares in the Potential       Tender and pay the fees and expenses associated with the Potential       Tender.
                      This is a press release by PSCM Acquisition Co LLC (PSCMAC), pursuant       to the provisions of Section 4 paragraph 3, Section 7 paragraph 1 sub a       and Section 7 paragraph 4 of the Decree on Public Takeover Bids (                      Besluit       Openbare Biedingen Wft                      ) in connection with a potential tender offer       by PSCMAC for Pershing Square Holdings, Ltd. (PSH) public shares. This       announcement does not constitute an offer, or any solicitation of any       offer, to buy or subscribe for any securities. Any offer will be made       only by means of an offer memorandum. This announcement is not for       release, publication or distribution, in whole or in part, in or into,       directly or indirectly, the United States, Canada or Japan or in any       other jurisdiction in which such release, publication or distribution       would be unlawful.                    
                      MEDIA:                      
                      Maitland                      
                      James Devas, +44 20 7379 5151                      
                      Media-pershingsquareholdings@maitland.co.uk                    
                                          
                      View source version on businesswire.com:                                              http://www.businesswire.com/news/home/20180103006347/en/                                          
Pershing Square Hldg