Howard Hughes Special Committee Provides Update on Engagement with Pershing Square
Howard Hughes Holdings (NYSE: HHH) announced that its Special Committee has rejected Pershing Square Capital Management's February 13, 2025 Revised Proposal, deeming it unacceptable in its current form. The company has entered into a standstill agreement with Pershing Square until March 13, 2025, to explore potential alternatives.
The Board and Special Committee maintain their commitment to acting in the best interests of HHH and its stockholders. Morgan Stanley & Co. serves as financial advisor, while Hogan Lovells US LLP and Richards, Layton & Finger, P.A. act as legal counsel to the Special Committee.
Howard Hughes Holdings (NYSE: HHH) ha annunciato che il suo Comitato Speciale ha respinto la Proposta Rivista di Pershing Square Capital Management del 13 febbraio 2025, ritenendola inaccettabile nella sua forma attuale. L'azienda ha stipulato un accordo di standstill con Pershing Square fino al 13 marzo 2025, per esplorare potenziali alternative.
Il Consiglio e il Comitato Speciale mantengono il loro impegno a operare nel miglior interesse di HHH e dei suoi azionisti. Morgan Stanley & Co. funge da consulente finanziario, mentre Hogan Lovells US LLP e Richards, Layton & Finger, P.A. agiscono come consulenti legali per il Comitato Speciale.
Howard Hughes Holdings (NYSE: HHH) anunció que su Comité Especial ha rechazado la Propuesta Revisada de Pershing Square Capital Management del 13 de febrero de 2025, considerándola inaceptable en su forma actual. La empresa ha firmado un acuerdo de standstill con Pershing Square hasta el 13 de marzo de 2025, para explorar alternativas potenciales.
La Junta y el Comité Especial mantienen su compromiso de actuar en el mejor interés de HHH y sus accionistas. Morgan Stanley & Co. actúa como asesor financiero, mientras que Hogan Lovells US LLP y Richards, Layton & Finger, P.A. actúan como asesores legales del Comité Especial.
하워드 휴즈 홀딩스 (NYSE: HHH)는 특별위원회가 퍼싱 스퀘어 캐피탈 매니지먼트의 2025년 2월 13일 수정 제안을 현재 형태로는 수용할 수 없다고 판단했다고 발표했습니다. 회사는 2025년 3월 13일까지 퍼싱 스퀘어와 스탠드스틸 계약을 체결하여 잠재적 대안을 탐색할 것입니다.
이사회와 특별위원회는 HHH와 주주들의 최선의 이익을 위해 행동하겠다는 약속을 유지합니다. 모건 스탠리 & Co.는 재무 자문 역할을 하며, 호건 로벨스 US LLP와 리차드스, 레이튼 & 핑거, P.A.는 특별위원회의 법률 자문 역할을 합니다.
Howard Hughes Holdings (NYSE: HHH) a annoncé que son Comité Spécial a rejeté la Proposition Révisée de Pershing Square Capital Management du 13 février 2025, la jugeant inacceptable dans sa forme actuelle. L'entreprise a conclu un accord de standstill avec Pershing Square jusqu'au 13 mars 2025, pour explorer des alternatives potentielles.
Le Conseil et le Comité Spécial maintiennent leur engagement à agir dans le meilleur intérêt de HHH et de ses actionnaires. Morgan Stanley & Co. sert de conseiller financier, tandis que Hogan Lovells US LLP et Richards, Layton & Finger, P.A. agissent en tant que conseils juridiques pour le Comité Spécial.
Howard Hughes Holdings (NYSE: HHH) gab bekannt, dass sein Sonderausschuss den überarbeiteten Vorschlag von Pershing Square Capital Management vom 13. Februar 2025 als inakzeptabel in seiner aktuellen Form abgelehnt hat. Das Unternehmen hat bis zum 13. März 2025 eine Standstill-Vereinbarung mit Pershing Square getroffen, um potenzielle Alternativen zu prüfen.
Der Vorstand und der Sonderausschuss halten an ihrem Engagement fest, im besten Interesse von HHH und seinen Aktionären zu handeln. Morgan Stanley & Co. fungiert als Finanzberater, während Hogan Lovells US LLP und Richards, Layton & Finger, P.A. als rechtliche Berater des Sonderausschusses tätig sind.
- Standstill agreement provides structured framework for negotiations
- Professional advisory team engaged (Morgan Stanley, Hogan Lovells, Richards Layton & Finger)
- Rejection of Pershing Square's revised proposal indicates potential deal complications
- timeframe for negotiations (March 13 deadline)
- Uncertainty in outcome may impact stock stability
THE WOODLANDS, Texas, March 03, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) announced that the Special Committee of its Board of Directors (the “Special Committee”) responded to Pershing Square Capital Management L.P. (“Pershing Square”) indicating that the proposal received on February 13, 2025 (the “Revised Proposal”) is not acceptable in its current form. The Special Committee also announced that it has entered into a standstill agreement with Pershing Square to facilitate further discussions to explore potential alternatives. The standstill agreement will remain in effect until March 13, 2025, unless otherwise extended.
There can be no assurance that the foregoing will result in any particular outcome, and HHH does not intend to comment further on these matters until HHH determines that additional disclosure is appropriate or required by law. The Board and the Special Committee remain committed to acting in the best interests of HHH and its stockholders.
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.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
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
What was the outcome of Pershing Square's revised proposal to Howard Hughes Holdings (HHH)?
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Who are the financial and legal advisors for HHH's Special Committee?
Where can investors find Pershing Square's revised proposal details for HHH?
