Pershing Square Capital Management has proposed a deal to merge a newly formed subsidiary with Howard Hughes Holdings, the latest step in Bill Ackman’s pursuit of the real estate developer he used to help lead.
The investment firm run by Mr Ackman is offering Howard Hughes holders $US85 a share, a majority of which would be paid in cash, the company said in the letter to investors posted on its website. That would represent a 38.3 per cent premium to Howard Hughes’s stock price in August, when Pershing Square expressed interest in a tie-up.
Bloomberg
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