Howard Hughes Holdings (HHH) said Monday that the special committee of its board hasn't accepted the Feb. 13 proposal of Pershing Square Capital Management to acquire the company.

The committee said the proposal was "not acceptable in its current form".

The committee also said that it has entered into a standstill agreement with Pershing Square to facilitate further discussions to explore potential alternatives. The standstill agreement will remain in effect until March 13, unless otherwise extended.

Pershing Square initiated a formal takeover bid for Howard Hughes on Jan. 13.