Bill Ackman's Pershing Square proposed to acquire 10 million newly issued Howard Hughes shares at $90 a share — up from $85 a share.
Bill Ackman proposes to increase his stake in Howard Hughes to 48%. He wants to turn HHH into a modern-day Berkshire Hathaway.
In a post prior to the announcement, Ackman likened his firm's move to the approach Warren Buffett has used with Berkshire ( BRK-A, BRK-B) in which Buffett turned a textile manufacturer into a holding company that owns stakes in many publicly traded equities including Apple ( AAPL) and Bank of America ( BAC ).
Bill Ackman, head of hedge fund Pershing Square Capital Management, said he'll announce a transformational deal on Tuesday, akin to Warren Buffett gaining control of Berkshire Hathaway (BRK.B) (BRK.A),