Howard Hughes shares rally after Ackman's Pershing Square launches tender offer

Pershing Square Holdings

14/10/2022 13:45

** Howard Hughes Corp  HHC.N  shares up ~6% premarket as #1
holder looks to boost stake in real estate development firm
    ** Pershing Square Capital Management commences 6.34 mln
share tender offer in range of $52.25-$60 as part of modified
Dutch Auction  urn:newsml:reuters.com:*:nBw629xzTa
    ** Billionaire investor William Ackman's hedge fund Pershing
says it is making offer because it believes HHC's current stock
is below co's long-term intrinsic value
    ** Pershing already owns ~27% stake in HHC, or ~13.6 mln
shares, per Refinitiv data
    ** Shares on Thurs bounced off Jul 2020 low to close up 2.5%
at $54.87. YTD, stock has fallen 46% for ~$2.7 bln market cap
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))