As billionaires go, Bill Ackman and Brad Jacobs have more than their share of self-belief, views and platforms to share them on. Fund manager Ackman waxes voluminously to 1.6mn followers on X. Logistics entrepreneur Jacobs writes and speaks on how to build financial empires.
But how good are they at persuading public company shareholders? That’s their current test. Ackman’s Pershing Square on Monday announced a $1.5bn offer to buy a majority stake in Howard Hughes Holdings, a Texas real estate developer in which it already owns 38 per cent. On Wednesday, Jacobs launched a hostile $11bn bid for Beacon Roofing Supply.
Both moguls are attempting the same feat: to create publicly listed acquisition platforms from which to flex their dealmaking prowess. Ackman has compared his efforts with those of Berkshire Hathaway boss Warren Buffett. The scene is set for a skirmish between thirsty tycoons and wary investors in would-be targets.