9)
Pershing Square would enter into a services agreement with HHH and receive an annual fee, paid quarterly, of 1.5% of HHH’s equity market capitalization.
Pershing Square has submitted a proposal to Howard Hughes Holdings (NYSE: HHH) https://t.co/sr9ETspf7F to acquire 10 million newly issued shares of the company at $90 per share. When combined with the 18.9 million shares that are currently held by the Pershing Square Funds, we will own 48% of the company.
If the transaction goes forward, I will become Chairman and CEO, Ryan Israel, CIO, and Ben Hakim President, and we will make available the full resources of Pershing Square to HHH to build a diversified holding company, or one could say, a modern-day Berkshire Hathaway.
The new HHH will acquire controlling interests in private and public companies that meet Pershing Square's criteria for business quality.
HHH's principal subsidiary, Howard Hughes Corporation, led by David O'Reilly CEO, will continue on its mission and strategic plan to develop, grow, and own small 'cities,' or master planned communities. HHH's major holdings include the Woodlands in Houston, Summerlin in Las Vegas, Teravalis in Phoenix, and a 60-acre condominium development project on Waikiki Beach in Hawaii called Ward Village.
Owning small and growing MPCs that will eventually become large cities in the best pro-business markets in the country is a great long-term business. It's a lot better than a dying textile company.
You can learn the details about the transaction here: https://t.co/z9gc6xRL18
We look forward to sharing more about the story tomorrow at 9am EST. The presentation will stream live from my X account @BillAckman.