Howard Hughes Holdings Inc. rejects Pershing Square's Revised Proposal; enters standstill agreement to explore alternatives.
Quiver AI Summary
Howard Hughes Holdings Inc. announced that its Special Committee has deemed a Revised Proposal from Pershing Square Capital Management, received on February 13, 2025, unacceptable in its current form. To facilitate further discussions and explore alternatives, the Special Committee has entered into a standstill agreement with Pershing Square, which is set to last until March 13, 2025, unless extended. The company has no intention of providing further comments until it deems additional disclosure necessary. Howard Hughes Holdings, which develops and manages various real estate assets across the U.S., remains focused on acting in the best interests of its stockholders. Morgan Stanley & Co. LLC is serving as financial advisor, and legal counsel includes Hogan Lovells US LLP and Richards, Layton & Finger, P.A.
Potential Positives
- The Special Committee’s readiness to explore alternatives with Pershing Square signifies a proactive approach to address shareholder interests and corporate governance.
- The establishment of a standstill agreement allows for continued dialogue with Pershing Square, potentially leading to constructive outcomes.
- The press release highlights the commitment of the Board and Special Committee to act in the best interests of the company and its stockholders, reinforcing trust among investors.
- Howard Hughes Holdings Inc.'s strong position in the real estate market and its commitment to innovative placemaking are emphasized, showcasing the company's growth potential and strategic advantages.
Potential Negatives
- The rejection of the Revised Proposal from Pershing Square suggests a lack of consensus on the company's strategic direction, potentially leading to investor concerns about governance and corporate strategy.
- The standstill agreement with Pershing Square may imply ongoing negotiation challenges, revealing potential instability in the company's leadership or operational direction.
- The lack of assurances regarding the outcomes of these discussions can create uncertainty among investors and stakeholders about the future of the company.
FAQ
What is the purpose of the Special Committee's response to Pershing Square?
The Special Committee deemed the Revised Proposal unacceptable and has entered a standstill agreement to explore further discussions.
What is the duration of the standstill agreement with Pershing Square?
The standstill agreement will last until March 13, 2025, unless extended.
Who is advising the Special Committee during this process?
Morgan Stanley & Co. LLC is the financial advisor, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. provide legal counsel.
Where can the Revised Proposal documents be accessed?
The Revised Proposal materials are included in the Schedule 13D/A filed with the U.S. SEC and are publicly available.
What does Howard Hughes Holdings Inc. specialize in?
Howard Hughes Holdings Inc. specializes in owning, managing, and developing commercial and residential real estate across the U.S.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HHH Hedge Fund Activity
We have seen 140 institutional investors add shares of $HHH stock to their portfolio, and 144 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EGERTON CAPITAL (UK) LLP added 443,963 shares (+inf%) to their portfolio in Q4 2024, for an estimated $34,149,633
- HARRIS ASSOCIATES L P removed 349,236 shares (-17.9%) from their portfolio in Q4 2024, for an estimated $26,863,233
- CLEARBRIDGE INVESTMENTS, LLC removed 346,647 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $26,664,087
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 269,402 shares (+48.2%) to their portfolio in Q4 2024, for an estimated $20,722,401
- JPMORGAN CHASE & CO removed 238,137 shares (-48.9%) from their portfolio in Q4 2024, for an estimated $18,317,498
- RIVER ROAD ASSET MANAGEMENT, LLC added 219,514 shares (+235.9%) to their portfolio in Q4 2024, for an estimated $16,885,016
- AMERICAN CENTURY COMPANIES INC added 209,217 shares (+50.3%) to their portfolio in Q4 2024, for an estimated $16,092,971
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
THE WOODLANDS, Texas, March 03, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) announced that the Special Committee of its Board of Directors (the “Special Committee”) responded to Pershing Square Capital Management L.P. (“Pershing Square”) indicating that the proposal received on February 13, 2025 (the “Revised Proposal”) is not acceptable in its current form. The Special Committee also announced 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, 2025, unless otherwise extended.
There can be no assurance that the foregoing will result in any particular outcome, and HHH does not intend to comment further on these matters until HHH determines that additional disclosure is appropriate or required by law. The Board and the Special Committee remain committed to acting in the best interests of HHH and its stockholders.
The Revised Proposal materials are included in the Schedule 13D/A filed by Pershing Square, which is publicly available with the U.S. Securities and Exchange Commission and can be found
here
.
Morgan Stanley & Co. LLC is acting as financial advisor to the Special Committee, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including Downtown Columbia
®
in Maryland; The Woodlands
®
, Bridgeland
®
and The Woodlands Hills
®
in the Greater Houston, Texas area; Summerlin
®
in Las Vegas; Ward Village
®
in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit
www.howardhughes.com
.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Contacts:
Media Relations
Andrew Siegel / Lyle Weston
Joele Frank
212-355-4449
Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com
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