The board of directors for the developer of master-planned communities called the $90-per-share offer from Pershing Square "not acceptable in its current form."
Ackman said he hopes to build “a modern Berkshire Hathaway," and expressed confidence in Buffett’s successor’s ability to help the company shed some of its legacy philosophies.
Bill Ackman's Pershing Square proposed to acquire 10 million newly issued Howard Hughes shares at $90 a share — up from $85 a share.
Bill Ackman proposes to increase his stake in Howard Hughes to 48%. He wants to turn HHH into a modern-day Berkshire Hathaway.
In a post prior to the announcement, Ackman likened his firm's move to the approach Warren Buffett has used with Berkshire ( BRK-A, BRK-B) in which Buffett turned a textile manufacturer into a holding company that owns stakes in many publicly traded equities including Apple ( AAPL) and Bank of America ( BAC ).