Pershing Square Resubmits Acquisition Offer to Howard Hughes Holdings
Howard Hughes Holdings Inc. is currently reviewing a revised acquisition proposal from Pershing Square Capital Management, pending assessment by its Special Committee.
Overview of the Proposal
Howard Hughes Holdings Inc. (NYSE: HHH) announced that its Board received an updated acquisition proposal from Pershing Square Capital Management. This follows an initial proposal submitted in January 2025, which led to the creation of a Special Committee of independent directors. On February 13, Pershing Square presented this revised proposal to the Special Committee, responsible for evaluating it. As of now, there have been no negotiations, and shareholders are advised to hold off on any actions. The proposal depends on the completion of agreements and necessary approvals from both the Special Committee and the Board. The company, which manages a diverse real estate portfolio, will not provide further comments until new information is available.
Possible Benefits
- Receiving a revised proposal indicates Pershing Square’s continued interest and potential benefits for HHH shareholders.
- The establishment of a Special Committee shows a commitment to sound corporate governance and thorough evaluation.
- Morgan Stanley & Co. LLC’s involvement as a financial advisor points to a strategic approach in potential acquisition discussions.
Possible Concerns
- The lack of negotiations with Pershing Square suggests hesitation or uncertainty in responding to market opportunities.
- Without a concrete agreement to pursue the Revised Proposal, investors may feel uncertain about the company’s strategy.
- The statement that there’s no guarantee the company will pursue the transaction could raise doubts about its ability to seize strategic opportunities.
Frequently Asked Questions
What is the recent proposal from Pershing Square Capital Management?
Pershing Square has submitted a Revised Proposal to acquire Howard Hughes Holdings Inc., which replaces their Initial Proposal from January 2025.
Are negotiations occurring between the Special Committee and Pershing Square?
No negotiations are currently underway between the Special Committee and Pershing Square regarding the proposals.
No, the Revised Proposal does not require a shareholder vote.
What role does Morgan Stanley play in this process?
Morgan Stanley & Co. LLC serves as the financial advisor to the Special Committee.
Where can I find more information about the Revised Proposal?
Details about the Revised Proposal can be found in the Schedule 13D/A filed by Pershing Square, available through the U.S. SEC.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The information summarized may include inaccuracies. The full release can be viewed here.
Recent Hedge Fund Activity for $HHH
In the most recent quarter, 140 institutional investors either added to or reduced their holdings in $HHH stock. Here are some notable transactions:
- EGERTON CAPITAL (UK) LLP added 443,963 shares (+inf%) in Q4 2024, valued at $34,149,633.
- HARRIS ASSOCIATES L P decreased their holdings by 349,236 shares (-17.9%) in Q4 2024, worth $26,863,233.
- CLEARBRIDGE INVESTMENTS, LLC reduced their stake by 346,647 shares (-100.0%) in Q4 2024, valued at $26,664,087.
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. increased their portfolio by 269,402 shares (+48.2%) in Q4 2024, worth $20,722,401.
- JPMORGAN CHASE & CO cut down by 238,137 shares (-48.9%) in Q4 2024, valued at $18,317,498.
- RIVER ROAD ASSET MANAGEMENT, LLC increased holdings by 219,514 shares (+235.9%) in Q4 2024, worth $16,885,016.
- AMERICAN CENTURY COMPANIES INC raised their position by 209,217 shares (+50.3%) in Q4 2024, valued at $16,092,971.
To follow hedge fund investments, check out Quiver Quantitative’s institutional holdings dashboard.
Complete Press Release
THE WOODLANDS, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Howard Hughes Holdings Inc. (NYSE: HHH) has confirmed the Board’s receipt of a revised proposal from Pershing Square Capital Management L.P. (Pershing Square).
In a previous announcement on August 8, 2024, the Howard Hughes Board established a Special Committee of independent directors due to interest from Pershing Square regarding a potential transaction. Pershing Square submitted an unsolicited acquisition proposal (the Initial Proposal) on January 13, 2025.
After the Initial Proposal was submitted, and before engaging in detailed discussions with the Special Committee, Pershing Square proposed a new unsolicited offer and requested a meeting to discuss it. The Special Committee convened on February 13, 2025, to hear and ask questions about the new proposal. At the meeting, Pershing Square presented a revised proposal, which is intended to replace the Initial Proposal. This revised offer was made public on February 18, 2025, at the request of the Special Committee.
So far, there have not been any negotiations between the Special Committee and Pershing Square regarding the proposals, and no decision has been made regarding them. The Special Committee will now assess the revised proposal and decide how to proceed. There is currently no action needed from HHH stockholders.
The revised proposal will require negotiation and execution of a formal agreement, along with approval and recommendation from the Special Committee, and ultimately approval by the HHH Board of Directors. Importantly, there will be no need for a shareholder vote on this transaction.
There is no guarantee that the company will pursue this proposed deal or any other strategic options, and HHH will not comment further until new disclosures become necessary.
The details of the revised proposal can be found in the Schedule 13D/A filed by Pershing Square, publicly available via the U.S. Securities and Exchange Commission.
Morgan Stanley & Co. LLC serves as financial advisor to the Special Committee, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. provide legal counsel.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. specializes in owning, managing, and developing commercial, residential, and mixed-use real estate across the United States. The company features notable properties, including well-known master-planned communities such as Downtown Columbia® in Maryland and Summerlin® in Las Vegas, among others. The Howard Hughes portfolio is designed to adapt to market demands, which positions it among the leading real estate platforms nationally. Committed to innovative design and sustainable community development, the company is listed on the New York Stock Exchange under HHH. More information is available at
www.howardhughes.com
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For Media Inquiries:
Andrew Siegel / Lyle Weston
Joele Frank
212-355-4449
For Investor Relations:
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com
This article was originally published on Quiver News; read the full story.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
