Bill Ackman's Pershing Square 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 acquisition would grant Pershing Square a 48% ownership stake in HHH.
As part of the deal, Ackman would assume the role of Chairman and CEO of the real estate developer. Ackman envisions transforming HHH into a diversified holding company similar to Berkshire Hathaway, focusing on acquiring controlling interests in private and public companies meeting Pershing Square's quality criteria.
This marks Ackman's second bid for HHH. In January, he proposed buying 11.8 million shares at approximately $85 per share. HHH shares surged 6% after Ackman announced his intent to make an announcement following Tuesday's market close, but fell 4% in after-hours trading once the details of the plan were disclosed.
Ackman draws inspiration from Warren Buffett's approach with Berkshire, aiming to adopt similar long-term, shareholder-oriented principles and intend to hold HHH stock indefinitely.
Pershing Square ended 2024 with investments in Brookfield (BN), Restaurant Brands (QSR), Chipotle (CMG), and Howard Hughes. Ackman also disclosed the acquisition of over 30 million shares of Uber in early January.
Ackman will host a question-and-answer session for investors regarding the proposed deal on Wednesday at 9 a.m. ET.