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What will be the outcome of Howard Hughes' evaluation of Pershing Square's proposal by June 30, 2025?
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Bill Ackman•Pershing Square Capital Management•Pershing Square•Howard Hughes•Ackman•Berkshire Hathaway•Howard Hughes Holdings
Resolution / Starting Odds
Approve proposal • 33%
Reject proposal • 33%
Request modification • 34%
Official statements 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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Approved but not completed • 25%
Withdrawn • 25%
Approved and completed • 25%
Not approved • 25%
Merger Cancelled • 25%
Successful Completion • 25%
Merger Delayed • 25%
Other Outcome • 25%
Yes • 50%
No • 50%
No • 50%
Yes • 50%
Approved • 25%
Offer Revised • 25%
Rejected • 25%
No Vote Held • 25%
Rejected • 25%
Pending • 25%
Approved without conditions • 25%
Approved with conditions • 25%
$85 • 25%
More than $95 • 25%
$85.01 to $95 • 25%
Less than $85 • 25%