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Investing.com-- Howard Hughes Holdings Inc (NYSE:HHH) said on Tuesday that it was considering a revised proposal from Bill Ackman’s Pershing Square Capital to increase its holdings in the real estate company.
This came after Pershing Square on Tuesday said it will buy 10 million newly issued shares in Howard Hughes for $900 million, raising its stake in the firm to about 48%. Ackman will also become chairman and CEO of Howard Hughes under the new proposal.
The new deal replaces Pershing’s previous offer- made in January- of $1 billion for a higher stake in Howard Hughes, when it also said it would increase its stake in the firm to between 61% and 69%.
Responding to the proposal in a press release, Howard Hughes said that its board and a special committee were considering the deal. They also recommended that shareholders take no action on the new proposal.
Howard Hughes also clarified that the company has not engaged in any negotiations with Pershing, and that the offers were unsolicited.
Ackman has pursued Howard Hughes since at least August 2024. He claimed in a social media post on Tuesday that the deal would create a “modern-day Berkshire Hathaway (NYSE:BRKa).”