Jan 13 (Reuters) -
* PERSHING SQUARE-PROPOSING A POTENTIAL MERGER TRANSACTION WITH HHH
* PERSHING SQUARE: $500 MILLION REPURCHASE WILL BE FINANCED BY BONDS NEWLY ISSUED BY THE COMPANY
* PERSHING SQUARE - PURCHASE BY PERSHING SQUARE HOLDCO OF 11,764,706 SHARES AT $85 PER SHARE FOR $1 BILLION FROM NON-PERSHING SQUARE AFFILIATE SHAREHOLDERS OF HHH
* PERSHING SQUARE: CLOSING OF THE TRANSACTION, SENIOR LEADERSHIP TEAM OF PERSHING SQUARE HOLDCO WOULD ASSUME EXECUTIVE LEADERSHIP ROLES AT HHH BUT NOT AT HHC
* PERSHING SQUARE - HHH SENIOR LEADERSHIP TEAM WOULD BE COMPRISED OF ACKMAN AS CHAIRMAN AND CEO, AND MIKE GONNELLA AS CFO
* PERSHING SQUARE- HHH STOCKHOLDERS WOULD HAVE THE OPTION OF RECEIVING MORE THAN A MAJORITY OF THEIR MERGER CONSIDERATION IN CASH AT $85.00 PER SHARE
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