Billionaire Investor Bill Ackman Proposes Revised Bid for Howard Hughes Holdings
Billionaire investor Bill Ackman's Pershing Square has submitted a revised offer to acquire 10 million newly issued shares of Howard Hughes Holdings (HHH) at $90 per share. This purchase would increase Pershing Square's ownership stake in HHH to 48%.
As part of the transaction, Ackman would assume the roles of Chairman and CEO of the real estate developer. Ackman envisions transforming HHH into a diversified holding company, similar to Warren Buffett's Berkshire Hathaway.
"The new HHH will acquire controlling interests in private and public companies that meet Pershing Square's stringent criteria," Ackman stated.
This is Ackman's second bid for Howard Hughes. In January, he proposed purchasing 11.8 million shares at approximately $85 per share.
Following Ackman's announcement, HHH shares initially rose 6% in afternoon trading but later declined 4% during after-hours trading.
Pershing Square's investment strategy for HHH aligns with Berkshire Hathaway's long-term, shareholder-oriented approach. At the end of 2024, Pershing Square held stakes in Brookfield (BN), Restaurant Brands (QSR), Chipotle (CMG), and HHH.
Ackman will host a Q&A session for investors on the proposed deal at 9 AM ET on Wednesday.