Bill Ackman's Pershing Square offers to take over real estate developer Howard Hughes for $85 a share
1. Bill Ackman proposes $85 per share takeover of Howard Hughes Holdings. 2. The offer represents a 38.3% premium to HHH's unaffected stock price. 3. Ackman cites shareholder dissatisfaction with HHH's stock performance. 4. Proposal includes cash and stock options for shareholders post-merger.