May 11 (Reuters) - Pershing Square (NYSE:SQ) Holdings Ltd In Letter To
Shareholders PSH.AS
* PSH NAV Per Share As Of Close Of Business On 10 May 2016
Was USD16.88
* There Is Much Work To Do At Valeant, Including Restoring
The Dermatology Business To Growth
* "Believe That Valeant Has Some Of The Best And Most
Durable Assets In The Pharmaceutical Industry"
* "It Will Take Time For Valeant To Regain Its Stakeholders'
Trust"
* Valeant Does Not Require Aggressive Pricing In Order To
Generate Growth And Substantial Free Cash Flow
* Continue To Have "Tremendous Confidence" In Canadian
Pacific's Management, But Have Sold Shares For Portfolio
Management Reasons
* Expect FTC To Demand Similar Safeguards, Restrictions For
Herbalife (NYSE:HLF) As It Has Required In The Vemma Case
* While $200 Million Settlement Would Be One Of Highest Ever
In FTC Consumer Protection Action, It Would Be Immaterial To
Herbalife
* Believe Howard Hughes Corp Trades At Discount To Assets;
Increased Transparency Will Help Investors More Appropriately
Value Company
* Expect The FTC To Demand Similar Safeguards And
Restrictions For Herbalife As It Has Required In The Vemma Case
* Expect That Relief Imposed By FTC Will Require
Modifications To Co'S Business Practices Which Will Be
Materially Adverse To Hlf
* Pershing Square Holdings Releases Q1 Letter To
Shareholders And Provides Weekly Net Asset Value As Of May 10,
2016
Source text for Eikon: ID:nBw20KYGVa
Further company coverage: PSH.AS VRX.TO CP.TO HLF.N HHC.N