Howard Hughes Holdings: Pershing Square Submits Revised Bid
Purchase Details:
* Pershing Square offers to acquire 10 million newly issued HHH shares at $90 per share.
* Deal would give Pershing Square a 48% stake in HHH.
Leadership and Strategy:
* Ackman to become chairman and CEO of HHH.
* Plans to establish HHH as a diversified holding company, similar to Berkshire Hathaway.
Previous Bid:
* Ackman's initial bid in January was for 11.8 million shares at $85 per share.
Market Reaction:
* HHH shares rose 6% in afternoon trading before announcement.
* Shares fell 4% in after-hours trading after details were released.
Inspiration:
* Ackman compares his strategy to Warren Buffett's approach at Berkshire.
* Aims to adopt "shareholder-oriented principles" and hold HHH stock indefinitely.
Additional Information:
* Pershing Square had stakes in HHH, Brookfield, Restaurant Brands, Chipotle, and Uber as of December 2024.
* Ackman will host a Q&A session for investors on Wednesday at 9 a.m. ET.