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What strategic direction will Howard Hughes take by December 31, 2025?
2
Bill Ackman•Pershing Square Capital Management•Pershing Square•Howard Hughes•Ackman•Berkshire Hathaway•Howard Hughes Holdings
Resolution / Starting Odds
Diversified holding company • 25%
Focus on real estate • 25%
No change • 25%
Other strategic direction • 25%
Official announcements from Howard Hughes Holdings
Story
Bill Ackman's Pershing Square Proposes $1B Merger With Howard Hughes at $85 Per Share, Shares Surge 10%
Jan 13, 2025, 05:58 PM
Bill Ackman's Pershing Square Capital Management has proposed a merger with Howard Hughes Holdings Inc., offering $85 per share for the real estate developer. The proposal includes a $1 billion cash offer for 11.8 million shares not already owned by Pershing Square, and a $500 million share buyback by Howard Hughes, financed through bonds. Ackman's firm currently holds a 38% stake in Howard Hughes. The merger aims to transform Howard Hughes into a diversified holding company, akin to a 'modern-day Berkshire Hathaway,' with the goal of acquiring controlling interests in operating companies. Howard Hughes Holdings has confirmed receipt of the unsolicited proposal and a special committee will evaluate the terms and next steps. The offer represents a 38.3% premium to the unaffected stock price and an 18.4% premium to the closing price on the previous Friday. Howard Hughes shares surged 10% to $78.95 a share following the announcement.
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Similar markets
Focus on existing markets • 25%
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Diversification of portfolio • 25%
Merger Delayed • 25%
Merger Cancelled • 25%
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Successful Completion • 25%
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Healthcare • 25%
Real Estate • 25%
Other Sector • 25%
Technology • 25%
No CEO • 25%
David O'Reilly remains CEO • 25%
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Less than $3 billion • 25%
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Yes • 50%
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No significant change • 25%
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Between $75 and $85 • 25%
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Above $85 • 25%