Howard Hughes falls after getting smaller offer from Ackman's Pershing Square

Howard Hughes Holdings

19/02/2025 10:25

** Shares of real estate developer Howard Hughes  HHH.N 
slip 4.5% to $76.99 in premarket trading 
        ** Bill Ackman's Pershing Square Capital Management on
Tuesday 
    revised
     its offer for stake in HHH, proposing to buy stake worth
$900 million vs $1 billion earlier
  
        ** Pershing's new proposal is for 10 million newly
issued shares and would up Pershing's stake to 48% from 37.6%
now
        ** Earlier proposal in January planned to increase
Pershing's stake to between 61%-69%
  
    ** New offer price of $90 per share still an 11.7% premium
to HHH closing price on Tuesday of $80.60
    ** Ackman would become chairman and CEO of Howard Hughes
under proposal
    ** HHH says special committee is assessing offer, says has
not engaged in negotiations 
    ** HHH shares rose nearly 7% on Tuesday, and is up 4.8% year
to date 

 (Reporting by Lisa Pauline Mattackal)
 ((LisaPauline.Mattackal@thomsonreuters.com;))