Real Estate
Ackman Eyes Building an Insurer With Howard Hughes Bet
This article is for subscribers only.
Bill Ackman’s Pershing Square struck a deal to boost its Howard Hughes Holdings Inc. stake to nearly 47% as it weighs plans to build an insurer and expand the real estate company’s remit.
Ackman’s company will invest $900 million into Howard Hughes, purchasing 9 million of newly issued shares for $100 apiece, according to a statement Monday. That’s a 48% premium to the stock’s closing price on Friday.