Shares of Howard Hughes rose Monday but were below Ackman’s offering price. It may take more from Pershing Square to seal a deal.

Howard Hughes's shareholders can elect to receive the entire payment in cash or "roll over" all or a portion of their shares into the post-merger company, Ackman said in a letter. Ackman has been personally involved with Howard Hughes for a decade and ...

Bill Ackman ’s Pershing Square Capital Management is proposing to merge its newly formed subsidiary with Howard Hughes Holdings Inc., Ackman’s latest attempt to transform Howard Hughes into an empire on par with Berkshire Hathaway.