B
ill Ackman is moving to take control of Howard Hughes Holdings. Pershing Square Capital Management, led by Ackman, is offering shareholders $85 per share as part of a potential merger with the Houston-based holding company. This offer represents an 18.4% premium on the stock's closing price and has already prompted a 10% jump in the stock value.

    The proposed deal would see Pershing Square form a subsidiary to merge with Howard Hughes, with leadership remaining unchanged under CEO David O'Reilly. Ackman's hedge fund already owns 38% of Howard Hughes, which was spun off from General Growth Properties in 2010. Ackman served as chairman of the board until April, when he stepped down.

    The move comes after Howard Hughes recently spun off its entertainment-related assets into a separate firm, Seaport Entertainment Group. Pershing Square owns about 38% of this entity, which includes nearly 500,000 square feet of retail and dining space in lower Manhattan. With a portfolio spanning over 100,000 acres, including the Woodlands master-planned community in Texas, Howard Hughes remains a significant player in real estate development.