Howard Hughes Stock Pops on Billionaire Bill Ackman's $85 Per Share Offer

1. Ackman's Pershing Square offers to buy HHH at $85 per share. 2. The offer represents an 18% premium over recent closing price. 3. Ackman aims to create a subsidiary merging with Howard Hughes. 4. Investors can accept cash offer or roll-over into new entity. 5. Ackman plans to transform HHH into a modern investment powerhouse.