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Ackman's Blank-Check IPO Is Latest Stop on His Comeback Tour

Hedge-fund billionaire William Ackman has come roaring back after years of dwindling assets and a self-imposed exile from the spotlight.

But the famed activist investor’s recent wins haven’t been fueled by publicly agitating for companies to change. They have instead come from outside-the-box moves like the one that will be on display next week, when Mr. Ackman is expected to launch an initial public offering of the biggest blank-check company ever, raising money to take a future acquisition public.

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