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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William A. Ackman",
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  "notes": "Page 3 of a shareholder letter.",
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      "text": "Put simply, we are all in, and we intend for Pershing Square Holdco’s investment in HHH to be a permanent holding. In other words, we intend to hold HHH stock forever.",
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      "text": "affiliates’ 28% ownership of the Pershing Square Funds, representing an additional investment in HHH of $379 million at Friday’s closing price.",
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      "text": "If none of the Public Float shareholders elect the cash alternative, 37.6% of the Public Float will be exchanged for cash at $85 per share, and HHH’s balance sheet cash will increase by $500 million.",
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      "text": "We would commit to maintain the Company’s listing on the New York Stock Exchange and implement other “best-in-class” governance provisions... HHH would be governed by an independent board of directors.",
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      "text": "Pershing Square Holdco’s Team and Resources Will Be Shared with HHH. We will also make available to the Company the full resources of Pershing Square Holdco including the Pershing Square Investment Team...",
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      "text": "HHH Management Post Transaction. Contemporaneous with the closing of the Transaction, the senior leadership team of Pershing Square Holdco would assume executive leadership roles at HHH.",
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      "text": "Comparing the Two Extremes of the Cash/Stock Election Alternatives. If holders of 17,647,059 (or more) shares... the cash alternative, 56.4% of the Public Float will receive cash... 5,882,353 shares will be repurchased.",
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      "text": "Pershing Square’s Ownership, the Public Float, and Future Governance. After giving effect to the Transaction... Pershing Square Holdco and its affiliates will own a minimum of 61.1% and a maximum of 69.2% of the Company.",
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