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)
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