Bill Ackman's Pershing Square strikes $900 million deal for more control of Howard Hughes
1. Bill Ackman invests $900 million in Howard Hughes, acquiring 46.9% stake. 2. Investment price is 48% higher than last closing, indicating strong confidence. 3. Ackman aims to transform HHH into a diversified holding company. 4. Shares of Howard Hughes rose 8% in premarket trading following the announcement. 5. Ackman appointed executive chairman; management fees will be based on market cap.