Howard Hughes shares surge as Ackman's Pershing Square proposes merger with unit

Pershing Square Holdings

13/01/2025 13:58

(Updates)
    ** Shares of real estate developer Howard Hughes  HHH.N  up
9.2% at $78.5 in premarket trading
    ** Billionaire investor Bill Ackman's Pershing Square
 PSH.AS , which along with its affiliates, has a 37.6% stake in
the company, proposes merger between Howard Hughes and a
Pershing unit
    ** Ackman also says Pershing Square is increasing its stake
in Howard Hughes Holdings by $1 billion
    ** Texas-based HHH has market capitalization of $3.6
billion, according to data compiled by LSEG
    ** Stock hit a four-month low on Friday, down about 18% from
its 2-1/2 year high in November

 (Reporting by Medha Singh and Rupali Chaudhary)
 ((medha.singh@thomsonreuters.com))