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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Ultimately, the lack of recognition for HHH’s portfolio and accomplishments by the market led to our decision in August 2024 to evaluate potential transaction alternatives",
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      "text": "On January 13, 2025, Pershing Square submitted an offer letter to the company outlining the following proposed transaction:",
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      "text": "Ultimately, the lack of recognition for HHH’s portfolio and accomplishments by the market led to our decision in August 2024 to evaluate potential transaction alternatives",
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      "text": "We are actively engaged in discussions with the company and will keep PSH investors informed of any material developments",
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      "text": "Sold 4.7 million shares at an average price of $125 per share in 2018\nAcquired 10.0 million shares by investing $500 million of equity at $50 per share as part of a $600 million rights offering in March 2020 to stabilize the company’s balance sheet through the COVID-19 crisis\nAcquired 5.4 million shares at an average price of $73 per share from September 2021 to December 2023",
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      "text": "Pershing Square HoldCo, L.P., the holding company of the Investment Manager (“Pershing Square HoldCo”), acquires $1.0 billion of HHH common stock at $85 per share in a secondary purchase from public float shareholders\nSimultaneously, HHH does a self-tender for up to $500 million of stock at $85 per share",
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      "text": "Over time, PSH and the Pershing Square private funds (collectively, the “Pershing Square Funds”) have increased their ownership in HHH to 37.6% through a series of transactions:",
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      "text": "HHH Transaction Background (Cont'd)",
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