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Duke and Vanderbilt universities, two of the most prestigious seats of learning in the US,

are among the biggest shareholders of a company that owns a single sandwich shop in New Jersey and has a stock market valuation of $100m despite recording just $13,976 in sales last year.

“[This] is a self-parody of a Spac,” said John Coffee, a professor at Columbia University’s law school who has written about hostile takeovers. “And that is what I would expect at the end of a bubble.”

FT 30 April 2021


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