Ackman raises bid for Howard Hughes Holdings, seeks 48% stake

Billionaire investor Bill Ackman has raised his bid to acquire 10 million newly issued shares of Howard Hughes Holdings (HHH) at $90 each, aiming to transform the company into a modern-day version of Berkshire Hathaway. This revised proposal increases Ackman's ownership stake to 48%, up from 37.6%, making Pershing Square Capital Management the largest shareholder. Ackman plans to leverage HHH's real estate assets to build a diversified holding company, inspired by Warren Buffett's investment strategy. He has emphasized that unlike Buffett's initial textile business, HHH's strong real estate portfolio positions it for long-term growth. As part of the deal, Ackman would become the chairman and CEO of HHH, and the company would continue to operate with an independent board. The announcement has generated mixed reactions in the market, with a temporary rise in HHH's stock followed by a slight dip after details of the plan were revealed.