Transaction Proposal - Pershing Square Capital Management LP has proposed to acquire additional shares of Howard Hughes Holdings Inc (HHH) through a merger transaction, which would result in Pershing Square owning a majority of the company's common stock [1] - Pershing Square currently beneficially owns approximately 37.6% of HHH's common stock [1] - The proposal is conditioned on negotiation and execution of a definitive agreement, approval by the Special Committee, and approval by holders of a majority of shares not owned by Pershing Square or its affiliates [6] Company Response - HHH has formed a Special Committee of independent directors to evaluate the proposal and determine the appropriate course of action [4] - The company does not intend to comment further on the matter unless further disclosure is deemed appropriate or necessary [2] - No action is required by HHH stockholders at this time [4] Advisory Team - Morgan Stanley & Co LLC is acting as financial advisor to the Special Committee [5] - Hogan Lovells US LLP and Richards, Layton & Finger, PA are acting as legal counsel to the Special Committee [5] Company Overview - Howard Hughes Holdings Inc owns, manages, and develops commercial, residential, and mixed-use real estate throughout the US [7] - The company's portfolio includes master planned communities, operating properties, and development opportunities in various locations across the country [7] - HHH is recognized for its innovative placemaking, design excellence, and commitment to the cultural life of its communities [7]
Howard Hughes Confirms Receipt of Unsolicited Acquisition Proposal from Pershing Square