Howard Hughes Confirms Receipt of Unsolicited Acquisition Proposal from Pershing Square
Deal News | Jan 13, 2025 | Globenewswire
Howard Hughes Holdings Inc. (HHH), a prominent real estate owner and developer, has received an unsolicited proposal from Pershing Square Capital Management to acquire more shares in HHH, leading to Pershing Square owning a majority stake through a merger transaction with a newly formed subsidiary. Pershing Square currently holds 37.6% of HHH's stock. In response, HHH's Board of Directors has formed a Special Committee of independent directors to evaluate the proposal. The proposal is contingent on several conditions, including the negotiation of a definitive agreement and the approval of non-Pershing Square shareholders. The company has not made a commitment to pursue this transaction or any other strategic outcome. Morgan Stanley & Co. LLC are advising the Special Committee with legal counsel from Hogan Lovells US LLP and Richards, Layton & Finger, P.A. The proposal is documented in a Form 8-K filed with the SEC.
Sectors
- Real Estate
- Investment Management
Geography
- United States – The headquarters of Howard Hughes Holdings Inc. is located in Texas, and the company's properties span various states including Maryland, Texas, Nevada, Hawaii, and Arizona.
Industry
- Real Estate – Howard Hughes Holdings Inc. is deeply entrenched in the real estate industry, focusing on ownership, management, and development of commercial, residential, and mixed-use properties.
- Investment Management – Pershing Square Capital Management is an investment firm attempting to increase its stake in Howard Hughes Holdings through a strategic acquisition.
Financials
- 37.6% – The current percentage of Howard Hughes Holdings Inc.'s common stock beneficially owned by Pershing Square.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Howard Hughes Holdings Inc. | Target | Company | A publicly traded real estate company engaged in the development and management of a diverse portfolio of properties across the U.S. |
| Pershing Square Capital Management LP | Bidding Company | Company | An investment management firm proposing to acquire a majority stake in Howard Hughes Holdings Inc. through an unsolicited merger proposal. |
| Morgan Stanley & Co. LLC | Financial Advisor | Company | A leading financial services firm serving as financial advisor to Howard Hughes' Special Committee during the proposal evaluation process. |
| Hogan Lovells US LLP | Legal Advisor | Company | An international law firm providing legal counsel to the Special Committee of Howard Hughes Holdings Inc. |
| Richards, Layton & Finger, P.A. | Legal Advisor | Company | A Delaware-based law firm acting as legal counsel to the Special Committee. |