Howard Hughes Confirms Receipt of Revised Unsolicited Proposal from Pershing Square
Howard Hughes Holdings (NYSE: HHH) has confirmed receiving a revised unsolicited acquisition proposal from Pershing Square Capital Management. The proposal, submitted after a meeting on February 13, 2025, replaces an initial proposal made on January 13, 2025. The company's Special Committee of independent directors, formed on August 8, 2024, has not engaged in negotiations or made any determinations regarding the proposals.
The revised proposal was made public on February 18, 2025, at the Special Committee's request. The proposal is subject to various conditions, including negotiation of a definitive agreement and approval by both the Special Committee and HHH Board of Directors. No shareholder vote is contemplated in the proposal, and no stockholder action is required at this time.
Howard Hughes Holdings (NYSE: HHH) ha confermato di aver ricevuto una proposta di acquisizione non sollecitata riveduta da parte di Pershing Square Capital Management. La proposta, presentata dopo un incontro del 13 febbraio 2025, sostituisce una proposta iniziale fatta il 13 gennaio 2025. Il Comitato Speciale di amministratori indipendenti dell'azienda, costituito l'8 agosto 2024, non ha avviato negoziati né preso decisioni riguardo alle proposte.
La proposta riveduta è stata resa pubblica il 18 febbraio 2025, su richiesta del Comitato Speciale. La proposta è soggetta a varie condizioni, tra cui la negoziazione di un accordo definitivo e l'approvazione sia da parte del Comitato Speciale che del Consiglio di Amministrazione di HHH. Non è previsto alcun voto degli azionisti nella proposta e al momento non è richiesta alcuna azione da parte degli azionisti.
Howard Hughes Holdings (NYSE: HHH) ha confirmado haber recibido una propuesta de adquisición no solicitada revisada de Pershing Square Capital Management. La propuesta, presentada tras una reunión el 13 de febrero de 2025, reemplaza una propuesta inicial hecha el 13 de enero de 2025. El Comité Especial de directores independientes de la empresa, formado el 8 de agosto de 2024, no ha participado en negociaciones ni ha tomado decisiones respecto a las propuestas.
La propuesta revisada se hizo pública el 18 de febrero de 2025, a solicitud del Comité Especial. La propuesta está sujeta a diversas condiciones, incluyendo la negociación de un acuerdo definitivo y la aprobación tanto del Comité Especial como de la Junta Directiva de HHH. No se contempla ninguna votación de los accionistas en la propuesta, y no se requiere ninguna acción por parte de los accionistas en este momento.
하워드 휴즈 홀딩스 (NYSE: HHH)는 퍼싱 스퀘어 캐피탈 매니지먼트로부터 수정된 비공식 인수 제안을 받았다고 확인했습니다. 이 제안은 2025년 2월 13일 회의 이후 제출되었으며, 2025년 1월 13일에 제안된 초기 제안을 대체합니다. 회사의 독립 이사로 구성된 특별 위원회는 2024년 8월 8일에 설립되었으며, 제안에 대한 협상이나 결정을 내리지 않았습니다.
수정된 제안은 2025년 2월 18일 특별 위원회의 요청에 따라 공개되었습니다. 이 제안은 최종 계약 협상 및 특별 위원회와 HHH 이사회 모두의 승인을 포함한 여러 조건에 따라 진행됩니다. 제안에는 주주 투표가 포함되지 않으며, 현재 주주 행동이 필요하지 않습니다.
Howard Hughes Holdings (NYSE: HHH) a confirmé avoir reçu une proposition d'acquisition non sollicitée révisée de Pershing Square Capital Management. La proposition, soumise après une réunion le 13 février 2025, remplace une proposition initiale faite le 13 janvier 2025. Le Comité spécial de directeurs indépendants de l'entreprise, formé le 8 août 2024, n'a pas engagé de négociations ni pris de décisions concernant les propositions.
La proposition révisée a été rendue publique le 18 février 2025, à la demande du Comité spécial. La proposition est soumise à diverses conditions, y compris la négociation d'un accord définitif et l'approbation à la fois du Comité spécial et du Conseil d'administration de HHH. Aucun vote des actionnaires n'est prévu dans la proposition et aucune action des actionnaires n'est requise à ce stade.
Howard Hughes Holdings (NYSE: HHH) hat den Erhalt eines überarbeiteten, unverlangten Übernahmeangebots von Pershing Square Capital Management bestätigt. Das Angebot, das nach einem Treffen am 13. Februar 2025 eingereicht wurde, ersetzt ein ursprüngliches Angebot, das am 13. Januar 2025 gemacht wurde. Der Sonderausschuss aus unabhängigen Direktoren des Unternehmens, der am 8. August 2024 gegründet wurde, hat keine Verhandlungen geführt oder Entscheidungen zu den Angeboten getroffen.
Das überarbeitete Angebot wurde auf Antrag des Sonderausschusses am 18. Februar 2025 öffentlich gemacht. Das Angebot unterliegt verschiedenen Bedingungen, einschließlich der Aushandlung eines endgültigen Vertrags und der Genehmigung durch sowohl den Sonderausschuss als auch den Vorstand von HHH. Im Angebot ist keine Aktion der Aktionäre vorgesehen und derzeit ist keine Aktion von den Aktionären erforderlich.
- Potential acquisition interest from major investment firm indicates strategic value recognition
- No shareholder vote contemplated in the proposed transaction
- Uncertainty about transaction completion due to multiple required approvals
Insights
This development marks a important turning point for Howard Hughes Holdings, as Pershing Square, led by Bill Ackman, advances its acquisition strategy with a revised proposal. The timing is particularly significant given the current challenges in the real estate market and HHH's unique position as a master-planned community developer.
Several key aspects deserve attention:
- The Special Committee's methodical approach, including the engagement of Morgan Stanley, suggests a thorough evaluation process to ensure shareholder interests are protected.
- The absence of a shareholder vote requirement in the proposal structure is unconventional and could indicate Pershing Square's desire for a streamlined transaction process, though this might raise governance concerns.
- The evolution from the Initial Proposal to the Revised Proposal, without intermediate negotiations, suggests Pershing Square's strong interest in completing this transaction and potentially a more compelling offer structure.
The market implications are multifaceted. HHH's master-planned community business model, which combines residential, commercial, and mixed-use developments, presents unique valuation challenges that the Special Committee must carefully consider. The proposal comes at a time when real estate valuations are under pressure, making the timing of this potential transaction particularly strategic.
The involvement of Morgan Stanley and specialized legal counsel indicates the complexity of the evaluation process ahead. Stakeholders should monitor developments closely, as the outcome could significantly impact both the company's future direction and the broader real estate development sector.
No Stockholder Action Required at this Time
THE WOODLANDS, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today confirmed the Board’s receipt of a revised proposal (the “Revised Proposal”) from Pershing Square Capital Management L.P. (“Pershing Square”).
As previously announced on August 8, 2024, the Howard Hughes Board of Directors formed a Special Committee, comprised of independent directors, in response to interest expressed by Pershing Square in exploring a possible transaction. On January 13, 2025, Pershing Square submitted an unsolicited acquisition proposal (the “Initial Proposal”) to HHH.
Subsequent to submitting the Initial Proposal and prior to engaging in any substantive discussions with the Special Committee, Pershing Square submitted a new unsolicited proposal and requested a meeting with the Special Committee to discuss this proposal. The Special Committee met with Pershing Square’s representatives on February 13, 2025, to provide an audience to and ask clarifying questions of Pershing Square. At that meeting, Pershing Square presented the Revised Proposal, indicating that this proposal replaces the Initial Proposal. On February 18, 2025, Pershing Square made public the Revised Proposal at the request of the Special Committee.
To date, the Special Committee has not engaged in any negotiations with Pershing Square regarding any of its proposals, nor has it come to any determination regarding any of Pershing Square’s proposals. The Special Committee will now evaluate the Revised Proposal and determine the appropriate course of action and process. No action is required by HHH stockholders at this time.
The Revised Proposal is conditioned on, among other things, the negotiation and execution of a definitive agreement, as well as approval and recommendation of the proposal by the Special Committee and approval by the HHH Board of Directors. The Revised Proposal does not contemplate a shareholder vote on the proposed transaction.
There can be no assurance that the Company will pursue this proposed transaction or any other strategic outcome, and HHH does not intend to comment further on this matter unless and until further disclosure is determined to be appropriate or necessary.
The Revised Proposal materials are included in the Schedule 13D/A filed by Pershing Square, which is publicly available with the U.S. Securities and Exchange Commission and can be found here.
Morgan Stanley & Co. LLC is acting as financial advisor to the Special Committee, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including Downtown Columbia® in Maryland; The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Ward Village® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Contacts:
Media Relations
Andrew Siegel / Lyle Weston
Joele Frank
212-355-4449
Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
eric.holcomb@howardhughes.com
FAQ
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