Billionaire Ackman's Pershing Square offers $85 per share for rest of Howard Hughes (updated)

Pershing Square Holdings

13/01/2025 11:52

(Adds shares in paragraph 2, details from the letter in
paragraph 3)
       Jan 13 (Reuters) - Billionaire investor Bill Ackman's
Pershing Square  PSH.AS  said on Monday it has offered to buy
the remaining stake it does not already own in real estate
developer Howard Hughes Holdings  HHH.N  for $85 per share.
    Shares of Texas-based Howard Hughes, one of Pershing
Square's longest-held investments, jumped over 13% in premarket
trading.
    Howard Hughes's shareholders can elect to receive the entire
payment in cash or "roll over" all or a portion of their shares
into the post-merger company, Pershing said in a letter.
    Howard Hughes has a market capital of $3.6 billion,
according to data compiled by LSEG.
    Howard Hughes did not immediately respond to a Reuters
request for comment. 

 (Reporting by Kannaki Deka in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Kannaki.Deka@thomsonreuters.com;))