Ackman’s Pershing Square proposes merger with Howard Hughes

(Bloomberg) — Pershing Square Capital Management LP (PSHZF) has proposed a deal to merge one of its subsidiaries with real estate company Howard Hughes Holdings Inc., according to a letter to investors.

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The investment firm run by Bill Ackman is offering Howard Hughes (HHH) holders $85 a share, a majority of which would be paid in cash, it said in the letter posted on its website.

That would represent a 38.3% premium to Howard Hughes’s stock price in August, when Pershing Square expressed interest in a deal. Ackman’s firm said at that time that it had a 37.5% stake in the real estate company and that it was working with Jefferies Financial Group Inc. on a possible acquisition of all the shares in Howard Hughes that it didn’t already own.

“We do not intend to make any changes to the HHC organization, its employees, or its long term strategy,” Ackman said in the letter. “We would expect all HHH current employees to remain employed as a result of the transaction.”

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