By Kailyn Rhone
Howard Hughes Holdings on Monday acknowledged that it has received an unsolicited acquisition proposal from Bill Ackman's hedge fund management company Pershing Square Capital Management.
Under the proposal, Pershing Square would buy every share of Howard Hughes it doesn't already own for $85 a piece. Ackman, who served as chairman of Howard Hughes's board from 2010 until his retirement last May, said in a letter to the company on Monday that long-term shareholders have been displeased with the stock performance and were interested in a potential transaction.
Pershing Square, which currently holds about 37.6% of the Woodlands, Texas, company's stock, would increase its stake through the deal, ensuring at least 13.6 million Howard Hughes shares remain publicly traded.
The company previously announced its board of directors formed a special committee of independent directors to review the proposal. The committee will evaluate the offer and decide on next steps.
There is no guarantee that it will proceed with this proposal, Howard Hughes said.
Shares for Howard Hughes Holdings closed at $78.62 on Monday. The stock continued to rise after hours.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
January 13, 2025 17:20 ET (22:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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