Bill Ackman Offers Real Estate Giant Howard Hughes $1B to Copy Berkshire Hathaway
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According to the New York Post. According to the New York Post, creating a “modern-day Berkshire Hathaway” isn’t easy, but that’s exactly what the billionaire investor and hedge fund manager is all about. Bill Ackman He intends to do it. The CEO of Pershing Square plans to increase his stake in real estate company Howard Hughes Holdings and take the company private.
Ackman said in a letter to investors that Pershing currently owns 37.6% of HHH and plans to offer $85 a share to buy the rest of the company.
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“With apologies to Mr. Buffett, H.H.H Berkshire Hathaway This gets regulatory interests at stake,” wrote Ackman, 58, who has a net worth of $9.2 billion.
Howard Hughes shares rose 9.5 percent to $78.62 following the news. Ackman has been with the real estate company for a decade and was only let go from the board in April after serving as chairman since 2010.
“Like other long-term shareholders and this board, we are disappointed with the performance of the company’s stock price,” Ackman said in the letter. Reuters. When the deal closes, it will increase Pershing Square’s stake to between 61% and 69% of Howard Hughes, depending on how many investors agree to buy it from its current 38%.
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Howard Hughes was the seed of a real estate investment trust that he founded and manages in 2010. It owns and manages a variety of U.S. real estate, including commercial, residential and mixed-use. It has a market cap of $3.6 billion.
Ackman founded Pershing Square in 2004. One of his moves was to bail out mall operator General Development Properties, from which he became involved with Howard Hughes. According to Forbes, Pershing Square’s stock portfolio is concentrated in seven companies, including Chipotle, Hilton and Google parent Alphabet, with the latter investing more than 20% of its stock, according to The Motley Fool. Ackman is popular among other fund managers because he has a large social media following with over a million followers on X.