Billionaire Bill Ackman’s investment firm Pershing Square offered to purchase $1 billion worth of shares of real estate developer Howard Hughes Holdings (HHH) ♓ꦺfor $85 per share, driving its stock higher. 

The $85-per-share offer represented an 18% premium to Friday’s closing price of $71.78. Shares of Howard Hꦉughes jumped to $78.62 intraday Monday and are roughly flat over the past year as a result.

Ackman called Howard Hughes’ previous stock performance “extremely disappointing,” saying it has generated a 2.2% 澳洲幸运5官方开奖结果体彩网:compound annual return since going public in 2010.

Pershing Square owned 38% of Howard Hughes as of Nov. 14, according to a 澳洲幸运5官方开奖结果体彩网:Securities and Exchange Commission filing. Ackman has proposed the creation of a Pershing Square subsidiary that would merge with Howard Hughes and give investors the option to accept the $85 off🃏er or roll-over their investment into the combined company, the letter said.

Howard Hughes did not immediately respond to a req🐟uest ༺for comment.

Alongside the🐭 $1 billion purchase offer from the Pershing subsidiary, Howard Hughes would also undergo a $500 million shar﷽e repurchase effort at the same $85 price. Following the transaction, Pershing would own between 61.1% and 69.2% of the combined company, according to its letter. 

While the real estate operations would remain unchanged, Ackman said his goal is to turn Howard Hughes Holdings into a "modern day 澳洲幸运5官方开奖结果体彩网:Berkshire Hathaway (BRK.A; BRK.B)."

Correction and Amplification: Pershing Square has proposed a transaction that would increase its stake in Howard Hughes. An earlier version of this article, originally published on Jan. 13, 2025, incorrectly said it wanted to buy all of the company it didn’t already own. Additionally, after this article was first published Howard Hughes publicly acknowledged the offer.