Bill Ackman’s Pershing Square Proposes Howard Hughes Merger at $85/share

Pershing Square Proposes Howard Hughes (NYSE: HHH) Merger at $85/share. Bill Ackman’s Pershing Square is offering to take over the rest of Howard Hughes Holdings.

“While we are pleased with the substantial business progress Howard Hughes Holdings has made over the more than 14 years since it went public, we, like other long-term shareholders and this board, have been displeased with the Company’s stock price performance,” wrote Ackman in a letter to the Howard Hughes board.

Ackman proposed forming a new subsidiary of Pershing, which currently owns about 38% of Howard Hughes, that would merge with the real estate developer based in The Woodlands, Texas.