Warren Buffett took control of Berkshire Hathaway in 1965 and turned the textile mill into a holding company. He promptly diversified into insurance to create a steady stream of investable cash in the form of premium payments.
Pershing, which holds a 37.6% stake in the HHH, will offer $85 a share to buy out the rest of the firm, Ackman said in a letter to investors.
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