(Reuters) -Billionaire investor Bill Ackman’s Pershing Square Capital Management said on Tuesday it would buy 10 million newly issued shares of Howard Hughes Holdings for $90 apiece in its revised proposal for the real estate developer.
Shares of Howard Hughes dipped 4.2% after the bell.
The proposed deal would take Pershing’s stake in Howard Hughes to 48% from 37.6%.
Under the proposal, Ackman would become chairman and CEO of Howard Hughes, Pershing said.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shilpi Majumdar)
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