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Report: Third Point mulls launching special purpose acquisition company

Activist hedge fund Third Point LLC is looking into forming a blank check company that would be used to acquire privately held companies, Reuters reported, citing people familiar with the matter.

A special purpose acquisition company uses proceeds from an IPO, together with borrowed funds, to fund acquisitions, according to the report.

Third Point is reportedly in talks with investment banks about arranging the IPO, Reuters reported. It is still unclear what kind of companies the hedge fund plans to acquire.