Pershing Square Submits Revised Bid to Acquire Howard Hughes Holdings
Billionaire investor Bill Ackman's Pershing Square has submitted a revised offer to purchase 10 million newly issued shares of Howard Hughes Holdings (HHH) at $90 per share. The acquisition would grant Pershing Square a 48% ownership stake in the real estate developer.
As part of the deal, Ackman would assume the roles of Chairman and CEO of HHH, aiming to transform the company into a diversified holding company akin to Berkshire Hathaway. The new entity would acquire controlling interests in private and public companies that align with Pershing Square's investment criteria.
This marks Ackman's second attempt to acquire Howard Hughes. In January, he proposed a deal to purchase 11.8 million shares for approximately $85 each. HHH shares surged 6% in afternoon trading following Ackman's announcement, but declined 4% in after-hours trading upon disclosure of the plan's details.
In an earlier post, Ackman drew parallels between his firm's approach and Warren Buffett's strategy with Berkshire Hathaway, evolving a textile manufacturer into a holding company with investments in companies such as Apple and Bank of America.
"We will adopt similar, long-term, shareholder-oriented principles as Berkshire, and we intend to hold the stock indefinitely," Ackman stated.
Pershing Square's December 31, 2024 filings reveal investments in Brookfield, Restaurant Brands, Chipotle, and Howard Hughes. Additionally, Ackman recently announced the acquisition of over 30 million shares of Uber.
Ackman will host a Q&A session for investors on Wednesday at 9 AM ET to discuss the proposed deal.