By Denny Jacob
Real estate company Howard Hughes Holdings said its special committee concluded the latest offer from Pershing Square isn't acceptable in its current form while also entering into a standstill agreement with Bill Ackman's investment fund.
Howard Hughes said the agreement with Pershing Square, which will remain in effect until March 13 unless extended, is with the intent of facilitating further discussions to explore potential alternatives.
Pershing Square in February submitted a new $900 million offer for a boosted stake in Howard Hughes as it eyes turning the company in its current form into a diversified holding company. The nonbinding offer would increase Pershing Square's stake in Howard Hughes to 48% of all shares outstanding from its current stake of about 37%, while also installing Ackman as the company's chief executive.
Pershing Square withdrew its prior offer from Jan. 13 in which it sought a majority stake in the company for a roughly $1 billion investment.
Ackman served as chairman of Howard Hughes's board from 2010 until his retirement last May. He has called the company a modern-day Berkshire Hathaway.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
March 03, 2025 08:55 ET (13:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。