Andrew Bary

Howard Hughes Holdings shares have popped in afternoon trading after investor Bill Ackman tweeted on X that he would be announcing a "potential transaction" at 4 p.m. Eastern time to create a modern version of Berkshire Hathaway.

The tweet is an apparent reference to his proposal, which has been considered by the Howard Hughes board, for Ackman to acquire control of the company through purchase of additional shares and merge it with a newly formed unit of Ackman's Pershing Square Holdco.

Howard Hughes shares are up 4% Monday to $78.60, and the move came after 3 p.m. Eastern time when the Ackman tweet was posted on X. Pershing Square now owns close to 40% of Howard Hughes.

Ackman has proposed to pay $85 a share for about $1 billion of stock. It is possible that Ackman may make a revised proposal.

"At 4pm, we are going to announce a potential transaction which, if completed, will provide me and my firm with the opportunity to create our own, you might say, modern-day version of Berkshire. Fortunately, our starting base of assets won't be a dying textile company, but a very good business," Ackman tweeted. "We will adopt similar, long-term, shareholder-oriented principles to Berkshire, and we intend to hold the stock forever."

Write to Andrew Bary at andrew.bary@barrons.com

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February 18, 2025 15:49 ET (20:49 GMT)

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