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Bill Ackman has already once tried — and failed — to redefine the Spac. Now he is trying again. The hedge fund manager’s special purpose acquisition company, Pershing Square Tontine Holdings, which raised $4bn last year, was not just the largest blank-cheque vehicle ever launched. It did away with some of the perks for founders, such as free shares, which have given the Spac phenomenon a bad name in some quarters. READ MORE