Bill Ackman is attempting to copy the conglomerate style and Berkshire Hathaway creation of Warren Buffett with a new buyout offer.
Bill Ackman, head of hedge fund Pershing Square Capital Management, said he'll announce a transformational deal on Tuesday, akin to Warren Buffett gaining control of Berkshire Hathaway (BRK.B) (BRK.A),
The head of Pershing Square Capital Management also said that Buffett is too conservative in his investment discipline.
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."
A key problem is that the Howard Hughes board and the special committee evaluating the proposal may not want to turn the company into an Ackman-led mini Berkshire.
Bill Ackman proposes to increase his stake in Howard Hughes to 48%. He wants to turn HHH into a modern-day Berkshire Hathaway.
Bill Ackman's Pershing Square proposed to acquire 10 million newly issued Howard Hughes shares at $90 a share — up from $85 a share.
Warren Buffett reaffirmed Greg Abel as his successor at Berkshire Hathaway, assuring shareholders of a smooth leadership transition.