meantime, big headline this morning, we learned that bill ackman's was dropping about a home as to starsthe spacs unanimously decided to move forward of the proposed deal that could have potentially blocked it, include whether its structure met nyse rules ackman says he still intends to become a long-term investing company. and joining us to talk about it is bill ackman, ceo of pershing square capital management. great to see you this morning to talk with you this morning on when a headline emerged and this deal has effectively been called off. i do know that your hedge fund will now step into the place effectively of the spac, but tell us what happened. >> sure. so just to rewind, if we go back just a few weeks, we announced the transaction, and a couple weeks later before we signed the deal, the s.e.c. came to us and said we have some concern about whether remain code would become an investment company. in order to address the concern, we changed the structure of the deal that we would put it into a trust. we signed the deal, and pushed forward the transaction. then this week, the last

bill ackman's spac dropping the bid for the label. music like lady gaga and taylor

crude production sliding on that news. >>> pulling the plug bill ackman backing out of the spac of theving a hard time explaining it let's just not we have details and interview with mr. ackman. it is monday, july 19th, 2021. "squawk box" begins right now. >>> good morning welcome to "squawk box." i'm andrew ross sorkin along with

leslie picker has those details for us leslie >> jon, that's right bill ackman will still buy a stakece is something ackman laid at the feet of regulators >> to sign the deal, and then we push forward with the transaction and then actually in the last -- this week, last few days, the s.e.c. raised i would say a deal killer which is they said that in their view, transaction did not meet the new york stock exchange spac rules and what that meant -- i would call that a dagger in the heart of the transaction, put tauntine in an awkward spot. >> he clairerified a key sticki point is a minority stake in a company that is due to list later this year in amsterdam as for investors, shares are trading just about 2.5% above the spac's ipo price, but after a run-up earlier this year, due in part to retail interest, the stock declined 26% year to date. so now tontine has a year to find and consummate a new deal he said if he finds one, it will most likely be more of a straightforward merger rather than one with more of the creative and complex structuring as was the case with this most recent deal

bill ackman will buy a stake in universal music group with his hedge fund.ding will buy 5-10% of the music label. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> for children under 12, and i say this as a dad, our kids depend on us being protected in vaccinated in order to shield them from the virus. that is why it is so important for us to get vaccinated. jonathan: the u.s. surgeon general on abc this week. good morning. lisa is back with us next monday. another weeks vacation. she deserves it. we are down 31. -7/10 of 1%. some dollar strength out there. yields are lower, down for basis points -- down four basis points. you mentioned real yields. -1.1, if you round this one down. if you look at where the lows were, we had 112 at the start of the year. the positive growth -- we have unwound all of that. tom: there is a deterioration -- we have not seen a bid off of this caution. the vix down two points. this weekend was different in the great stretch of this nat

bill ackman will buy a share in universal music group. u.s.s looked ready to block the plan to deal citing rules. pershing square will now by 5% to 10% of the music label. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am leigh-ann gerrans, this is bloomberg. ♪ >> if you aggregate up the impact of consolidation to an american household in terms of prices and wages and other costs, the best estimates is it is costing about $5,000 a year for the typical household. tom: the biden administration national economic council director speaking to barry ritholtz, a spirited conversation. we turn to the markets with the vix up 2.5 points, -51 on the s&p. dow futures have been -500 for good while. the bond market with not a historic move but something that gets your attention. kailey leinz in for lisa abramowicz. get to tomorrow's flight. this is radically different than what we saw with sir richard branson. jeff bezos in a rocket. kailey: in up past the ca

so when you think about all these variants, and you heard bill ackman this morning on cnbc say he isout and about, right, i think business travel is here to stay in america, and these businesses are going to find other ways to do it if it's not going to be commercial so i think wheels up could be a pretty interesting way to do that and the one last point primarily domestic here. i think 90% of their sales are domestic so i bought some of that today i think that could be an interesting one in this whole space. >> jeff, what do you make of some of these green names today? is it a head fake? is it here to stay >> i'm with tim. i just think the market has some muscle memory relative to what worked last year when fears of covid start to perk up again i just don't think, like i said early that it's going to be the prevailing driver. if i'm looking at any screen today and seeing what was green, i'm most interested in the builders, because i think conceivably, you can have an environment where rates start to drift a little higher, where the growth narrative returns, and builders still do pre

. >>> bill ackman's pershing square sinking, now down 1.3% on the announcement it has canceled plansmc piling on to last week's 24% slide. covid fears hitting the movie theater chain despite another blockbuster weekend courtesy is of space jam: a new legacy. amc is just down about a percent, well off the lows of the session though. and what do we see here? if it raked in more than $31 million at the box office. however, on the opposite side gamestop is up 2.6% bucking today's downward trend. remember, it did drop nearly 12% last week. >>> peloton speeding faster and higher than all of them, straight to the top of the nasdaq's leaderboard, taking a page out of netflix's playbook announcing it will be entering the video game business. how will that work? well, bike owners soon be able to play lane break where riders can virtually push a rolling wheel as they take on resistance and strength challenges. a little sissy is action or do i have that wrong? all right, shares popping 6% right now. and we should flip it over from peloton to beach body, pumping serious investor iron. we've got b

and bill ackman's pershing square team now pulling that $4 billion deal to buy universal music. after china basically blocked any future u.s. listings for these companies for at least five years according to experts, probably looking at ten years though. ashley: all right. susan, thank you very much. it's one of those days. and now this: consumer prices reaching a 13-year high. yes, a lot more to buy stuff these days. we're going to talk to the owner of a supermarket chain in new york city and find out if the higher prices are scaring customers away. i'll can ask that question. and as of yesterday, masks are now required indoors in l.a. question is, will people follow those rules or will they revolt? california guy tom baa care row answers that. governor of florida also slamming the white house's double standard on cuba. listen to this. >> they have a hundred times stronger case for political persecution leaving a communist dictatorship than the other migrants who are coming across the border. ashley: yep, we have more cuba protests planned for today. we've got the reports from

laura: bill ackman's company says it will no longer proceed with a $4 million deal for universal music says that shared purchase agreement be transferred to pershing square and the group will try to find another buyer. zoom has agreed to purchase five9. in its largest ever acquisition. the deal aims to boost videoconferencing up against stiffening competition. the deal is subject to shareholder approval. tsmc's founder has warned that cost could go up and still fail to achieve self-sufficiency. morris chang says free-trade remains the best system to fulfill global demand. facebook is pushing back against accusations that it is responsible for a vaccine misinformation. u.s. president joe biden said on friday that social media networks are killing people by allowing the spread of misinformation about coronavirus jobs. facebook says the claims were not supported by the facts and it is not to blame for the u.s. governments missed vaccination targets. that is the bloomberg business flash. anna: opec-plus has agreed to boost production into 2022 sending crude prices lower. the group will add

in the 50s it broke down to when bill ackman came on and basically said, it was the four horsemen ofpse was going to be visiting us. that was the greatest buying opportunity i've come across during this market, this period, this strange period that we're in >> yeah, yeah. all right, jim, thank you. the opening bell is just minutes away we'll be right back. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. >>> i think the markets have been going through a bit of a rolling correction really since march. that fits our narrative that we've been espousing here, which is it's more about rotation thans it is about the index. when this happens hist

speaking of coming and going, bill ackman spac plan to not be a spac anymore and to buy a significantl music, which of course is going to be its own public company fairly soon, gets derailed by the s.e.c., at least so he says, that it was their opposition to the structure of the transaction. >> right >> o'yowhy put words in his mouh do we have mr. ackman's comments about what happened? let's take a listen. >> before we sign the deal, the s.e.c. came to us and said we have some concern about whether remain co., this entity we were creating was going to become an investment company in order to address the concern we changed the structure of the deal to provide that we were going to contribute the stock that we purchased to a trust, ask we thought that would address the issue. then we signed the deal, and then we pushed forward with the transaction, and then actually in the last -- this week, the last few days, the s.e.c. raised i would say a deal killer, which is they said that in their view the transaction did not meet the new york stock exchange spac rules, and what that meant, i woul

well, billionaire bill ackman plans to use spac investment universal music group and last month he announcedy, well my change comes after discussions with the securities and exchange commission. universal music has several artists including taylor swift and billie eilish. coco gauff becoming the latest star athlete to drop out of the only vic's after testing positive for covid 19, the 17-year old was the 25th ranked woman in the world and it would have been her first olympics. she expressed disappointment writing on twitter it's been a dream to represent the usa at the olympics and i hope there will be more chances for me to make this come true in the future. >>> customs and border protection apprehended more than 1.1 million people at the border this fiscal year, that's the highest number reached since 2006. democrats are pushing for amnesty with a $3.5 billion budget proposal. maria spoke with senator lindsey graham about this on sunday morning futures. >> if you start legalizing people without first securing the border, you will incentivize more illegal immigration. we have never in the p