
Ackman's Pershing Square tables merger deal with Howard Hughes
(Il Sole 24 Ore Radiocor) - Milano, 13 gen - US investment company Pershing Square Capital Management has proposed a deal to create a new subsidiary and merge it with real estate group Howard Hughes Holdings.
Pershing Square, led by Bill Ackman, said in a letter the deal would offer shareholders at Howard Hughes 85 dollars a share.
'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,' Ackman said in a letter to the Howard Hughes board.
Pershing currently owns around 38% of Howard Hughes.
The move marks another step in Ackman's pursuit of the real estate developer that he once helped lead.
Under the proposed deal, Howard Hughes would remain unchanged and continue to be managed by the current leadership team.
'We do not intend to make any changes to the HHC organization, its employees, or its long-term strategy,'.
Ackman said in the letter.
(RADIOCOR) 13-01-25 19:28:07 (0557) 5 NNNN