Howard Hughes jumps as Ackman mulls taking real estate co private

Pershing Square Holdings

07/08/2024 20:52

** Shares of Howard Hughes Holdings  HHH.N  rose as much as
16% on Weds as Bill Ackman's Pershing Square considers deal to
delist the real estate co
    ** HHH traded to session high of $72.34. Stock has since
pared gains and last up 6.6% at $66.51
    ** Pershing, top shareholder with ~38% holding, has hired
Jefferies  JEF.N  to evaluate taking co private and may discuss
financing deal with prospective co-investors, according to SEC
filing late Tues
    ** Potential deal comes  a week after billionaire Ackman
scrapped IPO of Pershing Square USA after slashing closed-end
fund's fundraising target from as much as $25 bln to $2 bln
    ** Ackman in Apr retired as board chairman since founding
HHH in 2010
    ** Texas-based HHH on Jul 26 reported swinging to a profit
in Q2 on robust residential land sales in its master planned
communities (MPC) segment, and days later completed spin off of 
Seaport Entertainment
    ** With move on the session, HHH shares down ~18% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))