The Pershing Square Funds Announce the Final Results of Their Tender Offer for Common Shares of The Howard Hughes Corporation

Rhea-AI Summary

Pershing Square Capital Management announced the results of its cash tender offer for shares of The Howard Hughes Corporation (NYSE: HHC), which closed on November 28, 2022. The firm will purchase 1,559,205 common shares at $70.00 each, totaling approximately $109.1 million. Following this acquisition, Pershing Square and its affiliates will hold around 30.4% of HHC's outstanding shares as of October 26, 2022. This strategic move enhances Pershing Square's stake in HHC, indicating its ongoing confidence in the company's future prospects.

Positive

• Pershing Square will acquire 1,559,205 shares at $70.00 each, totaling approximately $109.1 million.
• Post-transaction, Pershing Square and affiliates will own about 30.4% of HHC's outstanding shares.

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• None.

NEW YORK--(BUSINESS WIRE)-- Pershing Square Capital Management, L.P. (“PSCM”) today announced the final results of the cash tender offer (the “Offer”) by Pershing Square, L.P. (“PS”), Pershing Square International, Ltd. (“PS International”) and Pershing Square Holdings, Ltd. (“PSH” and together with PS and PS International, the “Purchasers”) to purchase up to an aggregate of 6,340,000 shares of common stock (each, a “Common Share”) of The Howard Hughes Corporation (NYSE: HHC), which expired at 12:00 Midnight, New York City time, at the end of November 28, 2022.

The Purchasers have accepted for payment, at a purchase price of $70.00 per Common Share, and will promptly pay for, all 1,559,205 Common Shares that were validly tendered and not validly withdrawn pursuant to the Offer. After giving effect to this transaction, PSCM and its affiliates beneficially own approximately 30.4% of the Common Shares outstanding as of October 26, 2022.

About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P., based in New York City, is a SEC-registered investment advisor to investment funds.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221130006152/en/

Pershing Square Capital Management, L.P.

Francis McGill

McGill@persq.com

(212) 909-2455

Source: Pershing Square Capital Management, L.P.

FAQ

What was the result of Pershing Square's tender offer for HHC?

Pershing Square accepted 1,559,205 common shares of HHC at a price of $70.00 each.

When did the tender offer for HHC shares expire?

The tender offer expired at 12:00 Midnight New York City time on November 28, 2022.

What percentage of HHC shares does Pershing Square own after the tender offer?

After the tender offer, Pershing Square and its affiliates own approximately 30.4% of HHC's outstanding shares.

How many shares did Pershing Square intend to purchase in the tender offer?

Pershing Square aimed to purchase up to 6,340,000 shares in the tender offer.