(Reuters) -Billionaire investor Bill Ackman’s Pershing Square said on Monday it has offered to buy the remaining stake it does not already own in real estate developer Howard Hughes Holdings for $85 per share.
Shares of Texas-based Howard Hughes, one of Pershing Square’s longest-held investments, jumped over 13% in premarket trading.
Howard Hughes’s shareholders can elect to receive the entire payment in cash or “roll over” all or a portion of their shares into the post-merger company, Pershing said in a letter.
Howard Hughes has a market capital of $3.6 billion, according to data compiled by LSEG.
Howard Hughes did not immediately respond to a Reuters request for comment.
(Reporting by Kannaki Deka in Bengaluru; Editing by Krishna Chandra Eluri)
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