Bill Ackman of Pershing Square Capital Management revealed a $200 million increase in his holding of The Howard Hughes Corp. (NYSE:HHC) stock.
According to SEC-Form 4 filing, Ackman bought 2.51 million shares of the company on January 6. Overall, the purchase had a big impact on the guru’s HHC portfolio. The stock was trading at an average price $79.12 on the day of the sale.
Bill Ackman and Pershing Square now own 13,470,008 shares of Common Stock. On January 6, 2021, the Reporting Persons (William A. Ackman,Pershing Square and PS Management) bought shares through:
1. the obligation to purchase shares of Common Stock pursuant to previously written Put Options which expired on January 6, 2021;
2. the unwind of 3,462,500 previously written Put Options (with an expiration of August 11, 2021); and
3. the purchase of shares of Common Stock. As a result of the transactions related to the Put Options , the Reporting Persons’ investment is solely in shares of Common Stock.
The Pershing Square Capital Management HHC portfolio represent approximately 24.5% of the outstanding shares of Howard Hughes Corp. Common Stock, based on 54,922,801 shares of Common Stock outstanding as of November 2, 2020 as reported in the Issuer’s Form 10-Q filed on November 5, 2020 for the quarterly period ending September 30, 2020.