Billionaire Ackman's Pershing Square Revises Bid to Acquire Howard Hughes Holdings

Key Points:

* Pershing Square submits revised offer to purchase 10 million newly issued shares of Howard Hughes Holdings (HHH) at $90 each.
* Deal would grant Pershing Square 48% ownership of HHH.
* Ackman to become Chairman and CEO of the real estate developer.
* Pershing Square aims to transform HHH into a diversified holding company akin to Berkshire Hathaway.
* HHH to acquire controlling interests in private and public companies meeting Pershing Square's quality criteria.

Bid Details:

* This marks Ackman's second bid for HHH, following an earlier proposal to buy 11.8 million shares at $85 each.
* Howard Hughes shares rose on news of the revised bid, but fell in after-hours trading upon release of details.

Ackman's Approach:

* Ackman compares his firm's strategy to Warren Buffett's transformation of Berkshire Hathaway.
* Pershing Square intends to adopt long-term, shareholder-oriented principles similar to Berkshire.

Additional Information:

* Pershing Square had stakes in Brookfield, Restaurant Brands, Chipotle, and Howard Hughes as of December 31st.
* Ackman also acquired over 30 million shares of Uber in January.
* Ackman will host a question and answer session for investors regarding the deal on Wednesday at 9 a.m. ET.