Ackman Files Dual IPOs, Proposes $90 Bid for 10M Howard Hughes Shares
Ackman proposed acquiring 10 million newly issued Howard Hughes Holdings shares at $90 each following an earlier $85-per-share merger offer. Pershing Square filed dual NYSE IPOs for its hedge fund and new Pershing Square USA vehicle, targeting $5–10 billion by selling $50 shares with a 20-for-100 share sweetener and securing $2.8 billion in commitments.
1. Dual IPO Filing for Pershing Square Funds
Bill Ackman’s Pershing Square filed registrations for U.S. IPOs of Pershing Square Capital Management common shares and a new Pershing Square USA fund. The dual NYSE listing will sell shares at $50 each with a 20-for-100 share incentive, aiming to raise $5–10 billion and has collected $2.8 billion in institutional commitments.
2. Proposed Howard Hughes Holdings Share Purchase
Ackman refocused on Howard Hughes Holdings after shelving a 2024 fund IPO, proposing to buy 10 million newly issued shares at $90 each. This follows an earlier plan to merge a Pershing subsidiary with Howard Hughes at $85 per share for existing shareholders.