Howard Hughes Receives Acquisition Proposal from Pershing Square
Deal News | Jan 13, 2025 | EIN
Howard Hughes Holdings Inc. has confirmed that it received an unsolicited acquisition proposal from Pershing Square Capital Management LP. Pershing Square, which already owns approximately 37.6% of Howard Hughes common stock, is looking to acquire a majority holding through a merger with a newly created subsidiary. A Special Committee within Howard Hughes, formed in 2024, will evaluate the proposal. The deal's completion is contingent upon the negotiation of a definitive agreement, the endorsement of the Special Committee, and the approval of the majority of shares not already held by Pershing Square or its affiliates. The proposal's outcome is uncertain, and Howard Hughes does not plan to provide further updates unless necessary. Key advisors include Morgan Stanley & Co. LLC as financial advisors with Hogan Lovells US LLP and Richards, Layton & Finger, P.A. serving as legal advisors. Howard Hughes is known for its diverse real estate portfolio spanning the U.S.
Sectors
- Real Estate
- Finance and Investment
Geography
- United States – Howard Hughes Holdings Inc. operates extensively in the United States, and both companies involved, Howard Hughes and Pershing Square, are U.S.-based entities.
Industry
- Real Estate – Howard Hughes Holdings Inc. is involved in owning, managing, and developing commercial, residential, and mixed-use real estate throughout the U.S., making this industry highly relevant.
- Finance and Investment – The article deals with an acquisition proposal from Pershing Square, a private equity firm, highlighting the significance of the finance and investment industry.
Financials
- 37.6% – The current percentage of Howard Hughes common stock beneficially owned by Pershing Square.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Howard Hughes Holdings Inc. | Target Company | Company | A real estate company that owns, manages, and develops commercial, residential, and mixed-use properties in the U.S. |
| Pershing Square Capital Management LP | Bidding Company | Company | A private equity firm proposing to acquire a majority stake in Howard Hughes Holdings Inc. |
| Morgan Stanley & Co. LLC | Financial Advisor | Company | Advises the Special Committee of Howard Hughes Holdings on the proposal. |
| Hogan Lovells US LLP | Legal Advisor | Company | Acts as legal counsel for the Special Committee of Howard Hughes Holdings. |
| Richards, Layton & Finger, P.A. | Legal Advisor | Company | Acts as legal counsel for the Special Committee of Howard Hughes Holdings. |