Billionaire hedge fund boss Bill Ackman is looking to bounce back from his botched Pershing Square USA IPO by eyeing a deal to take the Howard Hughes real estate firm private, regulatory filings show.
The document published on the Securities and Exchange Commission website, known as Schedule 13D, is used to provide transparency to the public and investors about a change of ownership.
The Harvard-educated money man’s Pershing Square is currently the company’s largest shareholder with stock that amounts to a 38% stake in the Texas-based development firm, also known as HHH, records show.
It could now buy out the rest of the company and de-list it from the New York Stock Exchange, the document said.
Ackman hired Jefferies on Tuesday to advise on a possible transaction to buy the remaining 62% of real estate firm Howard Hughes and take the company private, regulatory filings show. REUTERS
His Pershing Square Capital Management said in the filing that it has hired the Jefferies investment bank to advise on the possible transaction.
It said that the firm “may discuss their evaluation and the potential alternatives, including a potential take-private, with one or more prospective co-investors.”
The document also said that it expected those discussions “to be conducted on a confidential basis.”
Howard Hughes was involved in the overhaul of the South Street Seaport in downtown Manhattan, and has also helped develop several luxury high-end properties nationwide.
The Post has approached representatives of Howard Hughes and Jefferies for comment.
A spokesman for Pershing Square declined to comment.
Ackman stood down as chairman of the Howard Hughes board in April to be replaced by Pershing Square partner Ben Hakim.
Pershing said at the time that it “intends to remain a major, long-term shareholder of HHH.”
His plans, which were first reported by the Financial Times earlier on Wednesday, come after a major setback for the Donald-Trump backing activist investor.
Ackman was forced to pull the IPO of his Pershing Square closed-end fund when he reduced its initial fundraiser target from $25 billion to $2 billion.
Spun off in 2009 from the bankruptcy of shopping mall operator General Growth Properties, Howard Hughes has embarked upon a series of multi-million-dollar projects since then.
It was involved in the overhaul of the South Street Seaport in downtown Manhattan, but has also helped develop several luxury high-end properties nationwide.
Howard Hughes was involved in the revamp of New York’s South Street Seaport that includes the emblematic Pier 17. Getty Images
It spun off its entertainment arm, which includes the Seaport neighborhood and the Las Vegas Aviators baseball team, in July.
Ackman is yet to provide further details on if and when he will resurrect his IPO plans.
“We remain committed to our investment strategy and will continue to explore opportunities to deliver value to our investors,” Pershing Square Capital Management said at the time.
A prolific investor with a vast social media following, Ackman is one of the most public faces in the hedge fund industry. He often uses his account on X to weigh on topics ranging from political battles to higher education.
Earlier this year, he led a campaign criticizing his alma mater Harvard University after turmoil over practices that related to antisemitism, plagiarism and poor financial management.
