Billionaire Bill Ackman Pours $900,000,000 Into NYSE-Listed Firm in Push To Follow Warren Buffett’s Footsteps
The Billionaire Bill Ackman's Hedge Fund, Pershing Square, spent nearly $ 1 billion to accumulate shares of a real estate development company.
Perishing Square poured $ 900 million in purchase of 9 million Sharing Howard Hughes Holdings (HHH).
Ackman's funding pays a premium of 48% compared to HHH stock price closing last Friday and now controls 46.9% of real estate firm sharing, each new Press release.
Ackman, named Executive Chairman of the HHH Board of Director, said the investment will help expand HHH to a variety of holding company.
“HHH has built a huge amount for shareholders in recent years that are more unknown because of the high cost of capital assigned by the company to the company that is as light its pure gaming in real estate development and community creation. We believe that HHH is a very good platform that meets the companies' developmental standards.
In a interview In Yahoo Finance, Ackman mentioned that he made the investment in the eyes toward following in the footsteps of legendary investor Warren Buffett.
“The story was starting to make sense when I started my career. Early on, Warren Buffett, Berkshire Hathaway Letters, beginning my investment education. And the Berkshire Hathaway's story, Buffett's purchase is usually the control of a business fabric and then changes it over time to a different handling company.”
Ackman said “the ultimate dream investment” is to have a public company built with permanent capital.
“You can follow the principles of investment and build a business that is meaningful. And that's what Warren achieved, that's what we hope to achieve with Howard Hughes.”
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