Bill Ackman raises Howard Hughes bid, saying he will turn it into “Modern Berkshire” | Real Time Headlines

Bill Ackman of Pershing Square hikes his offer Howard Hughes Holdingsproviding current holders of real estate companies with a $90 stake in order to create the “modern” Berkshire Hathaway.

The billionaire investor said Tuesday that his company has proposed a proposal to acquire $10 million in Howard Hughes stock for $90 a share, up from $85 a share in January. If the deal passes, Pershing Square will own 48% of the real estate developers located in Woodlands, Texas.

After the news, Howard Hughes’ shares fell nearly 4%, trading at $77.4 respectively.

If the deal is implemented, Ackerman will become Howard Hughes’s chairman and CEO. He added that his investment company will not sell any shares because it intends to become a long-term investor.

Ackman said in an article on X: “We will provide HHH with all the resources of Pershing Square to build a diversified holding company, or, to say, modern Berkshire Hathaway （Berkshire Hathaway）.” Private and public companies that meet the quality standards of Pershing Square’s business. ”

Ackerman said he drew inspiration from the unusual career path of the legendary “Omaha Oracle.” Warren Buffett, 94, essentially started as an activist investor and hedge fund manager until the 1960s closed the partnership and controlled a series of private partnerships. Berkshire Hathaway, A Struggling Textile Business.

Today, Berkshire is worth $1 trillion, owns businesses in industries such as insurance, energy, rail and retail, as well as a large equity portfolio and over $300 billion in cash.

Howard Hughes will continue to grow and have “a community of masters programs,” such as Woodlands in Houston and Summerlin in Las Vegas, Ackerman said.

“It’s a great long-term business to have a small and growing MPC that will eventually become a big city in the country’s best pro-business market,” he said in the Post. “It’s better than a dying textile company.” Much more.”