Ackman Bids $1 Billion for Howard Hughes

Bill Ackman's Pershing Square Capital Management has proposed to acquire the remaining shares of Howard Hughes Holdings for $85 each, valuing the deal at approximately $1 billion. This offer represents an 18% premium over its previous closing price, causing the stock to jump over 10% in premarket trading. Pershing Square, which already owns 38% of Howard Hughes, plans to merge the company with a subsidiary, allowing shareholders to either take cash or roll over their shares into the new entity. Ackman aims to transform Howard Hughes into a modern-day Berkshire Hathaway, expressing dissatisfaction with the stock's historical performance. This move follows Howard Hughes' recent shift to focus solely on real estate, having spun off its entertainment assets. Howard Hughes has not yet commented on the proposal.