Howard Hughes Holdings (HHH) on Monday confirmed a proposal from Pershing Square to acquire a controlling stake in the company by buying additional common shares.
Earlier in the day, Pershing Square Chief Executive Bill Ackman said in a post on the social media platform X that Pershing is seeking to acquire about 11.7 million shares of Howard Hughes' stock at $85 each, for a total of $1 billion, not currently held by Pershing-affiliated stockholders.
Howard Hughes said Pershing currently beneficially owns about 37.6% of its common stock.
Pershing's proposal is subject to the parties entering a definitive agreement and approval of other Howard Hughes shareholders.
Shares of Howard Hughes were up more than 1% in after-hours activity, extending a 9.5% gain in regular trading.
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