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Billionaire hedge fund manager Bill Ackman has offered to take over real estate company Howard Hughes Holdings.
Ackman's Pershing Square would pay $85 per share and form a new entity to merge with Howard Hughes. Pershing currently owns 38% of Howard Hughes.
"While we are pleased with the substantial business progress Howard Hughes Holdings has made over the more than 14 years since it went public, we, like other long-term shareholders and this board, have been displeased with the company's stock price performance," Ackman said in a letter to the Howard Hughes board.
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