Howard Hughes Holdings Inc. (NYSE: HHH) recently announced that its special committee of the board of directors has responded to Pershing Square Capital Management L.P.'s (Pershing Square) proposal received on February 13, 2025, indicating that the revised proposal is not acceptable in its current form. The company has entered into a standstill agreement with Pershing Square to facilitate further discussions to explore potential alternatives, which will remain in effect until March 13, 2025, unless otherwise extended.
There have been no specific details provided on the revised proposal, but it is clear that the company and the special committee are committed to acting in the best interests of HHH and its stockholders.
It is noteworthy that Morgan Stanley & Co. LLC is acting as the financial advisor to the special committee, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are serving as legal counsel.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S., including award-winning assets such as master-planned communities like Downtown Columbia® in Maryland, The Woodlands®, Bridgeland®, and The Woodlands Hills® in the greater Houston, Texas area, Summerlin® in Las Vegas, Ward Village® in Honolulu, Hawaiʻi, and Teravalis™ in the greater Phoenix, Arizona area. The company is traded on the New York Stock Exchange as HHH.
The press release does not provide specific financial metrics or changes since the last period. For additional information, you can visit the company's website at www.howardhughes.com. The market has reacted to these announcements by moving the company's shares -2.4% to a price of $77.32. For more information, read the company's full 8-K submission here.
