Howard Hughes Holdings (HHH) on Monday confirmed a proposal from Pershing Square to acquire a controlling stake in the company by buying additional common shares.
Earlier in the day, Pershing Square Chief Executive Bill Ackman said in a post on the social media platform X that Pershing is seeking to acquire about 11.7 million shares of Howard Hughes' stock at $85 each, for a total of $1 billion, not currently held by Pershing-affiliated stockholders.
Howard Hughes said Pershing currently beneficially owns about 37.6% of its common stock.
Pershing's proposal is subject to the parties entering a definitive agreement and approval of other Howard Hughes shareholders.
Shares of Howard Hughes were up more than 1% in after-hours activity, extending a 9.5% gain in regular trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.