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BILL ACKMAN is hunting for deals. The boss of Pershing Square, a hedge fund, is on the lookout for “large private growth companies” which are seeking to raise $1.5bn or more, but are wary of the “risks and expenses” of a conventional initial public offering (IPO). His solution: a special-purpose acquisition-rights company, or SPARC. On September 29th regulators approved the novel investment vehicle, which Mr Ackman bills as a fairer, cheaper alternative to its tainted cousin, the special-purpose acquisition company (SPAC), which enjoyed
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