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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。