Bill Ackman’s Pershing Square Buys Up More Howard Hughes Stock

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Dec. 1 through Dec. 7, 2022. Source: VerityData

Activist Holdings

Howard Hughes


(HHC)

Hedge fund Pershing Square disclosed a 31.7% interest in the real estate developer. In October, Pershing Square initiated a tender offer to purchase 6,340,000 shares from Howard Hughes shareholders, first at no more than $60 per share, then revised to a maximum of $70 apiece. The tender offer closed on Nov. 28 with only 1,559,205 Howard Hughes shares tendered at the latter price. Given that, Pershing Square established a 10b5-1 trading plan on Dec. 6 to buy the lesser of 3,665,257 Howard Hughes shares or the amount that would push Pershing Square’s Howard Hughes stake to 39%.