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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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      "text": "In economic substance, the Transaction is more easily understood as a purchase by Pershing Square Holdco of 11,764,706 shares at $85 per share for $1 billion from non-Pershing Square affiliate shareholders of HHH.",
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      "text": "Pershing Square’s affiliated investment funds would elect to roll-over their 37.6% stake in the Company. We may also invite a small consortium of strategic partners to join us in the Transaction.",
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      "text": "Pursuant to the Merger, the Company’s stockholders would benefit from a cash/stock election that would enable them to elect to receive Merger consideration in cash at $85 per share, or to ‘roll-over’ all or a portion of their shares into the post-merger company.",
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      "text": "In that I own 44% of Pershing Square Holdco, other employees own 46%, and our strategic investors own 10%, our $1 billion investment in HHH represents a ‘look-through’ cash investment by me of $440 million.",
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      "text": "1. The closing price on August 5, 2024... 2. https://www.businesswire.com/news/home/20240603875090/en/Pershing-Square-Capital-Management-L.P.-Announces-Sale-of-10-Common-Equity-Interest-for-1.05-Billion-to-Strategic-Investors",
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      "text": "The Pershing Square Funds Would Roll-Over Their Shares",
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