Jan 13 (Reuters) -

* PERSHING SQUARE-PROPOSING A POTENTIAL MERGER TRANSACTION

WITH

HHH

* PERSHING SQUARE: $500 MILLION REPURCHASE WILL BE FINANCED

BY

BONDS NEWLY ISSUED BY THE COMPANY

* PERSHING SQUARE - PURCHASE BY PERSHING SQUARE HOLDCO OF

11,764,706 SHARES AT $85 PER SHARE FOR $1 BILLION FROM

NON-PERSHING SQUARE AFFILIATE SHAREHOLDERS OF HHH

* PERSHING SQUARE: CLOSING OF THE TRANSACTION, SENIOR

LEADERSHIP

TEAM OF PERSHING SQUARE HOLDCO WOULD ASSUME EXECUTIVE LEADERSHIP

ROLES AT HHH BUT NOT AT HHC

* PERSHING SQUARE - HHH SENIOR LEADERSHIP TEAM WOULD BE

COMPRISED

OF ACKMAN AS CHAIRMAN AND CEO, AND MIKE GONNELLA AS CFO

* PERSHING SQUARE- HHH STOCKHOLDERS WOULD HAVE THE OPTION OF

RECEIVING MORE THAN A MAJORITY OF THEIR MERGER CONSIDERATION IN

CASH AT $85.00 PER SHARE

Source text: https://tinyurl.com/37zyvbh2

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