Pershing Square Extends Standstill with Howard Hughes Holdings
Pershing Square Holdco has announced an extension of its standstill agreement with Howard Hughes Holdings Inc. (NYSE: HHH). The extension moves the deadline from March 13, 2025, 5:00 p.m. ET to April 7, 2025, 5:00 p.m. ET.
This extension aims to facilitate ongoing discussions regarding a proposal previously announced by Pershing Square on February 18, 2025, and explore potential alternatives. The company emphasizes that there is no guarantee of any particular outcome from these discussions.
Pershing Square has stated they will not provide additional comments until they determine further disclosure is appropriate or legally required. The announcement references their Schedule 13D filing relating to HHH, filed on March 11, 2025, which contains additional information about the matter.
Pershing Square Holdco ha annunciato un'estensione del suo accordo di standstill con Howard Hughes Holdings Inc. (NYSE: HHH). L'estensione sposta la scadenza dal 13 marzo 2025, alle 17:00 ET al 7 aprile 2025, alle 17:00 ET.
Questa estensione mira a facilitare le discussioni in corso riguardo a una proposta precedentemente annunciata da Pershing Square il 18 febbraio 2025 e a esplorare potenziali alternative. L'azienda sottolinea che non c'è garanzia di alcun risultato particolare da queste discussioni.
Pershing Square ha dichiarato che non fornirà commenti aggiuntivi fino a quando non riterrà che ulteriori divulgazioni siano appropriate o legalmente richieste. L'annuncio fa riferimento al loro deposito Schedule 13D relativo a HHH, presentato l'11 marzo 2025, che contiene ulteriori informazioni sulla questione.
Pershing Square Holdco ha anunciado una extensión de su acuerdo de standstill con Howard Hughes Holdings Inc. (NYSE: HHH). La extensión mueve la fecha límite del 13 de marzo de 2025, a las 5:00 p.m. ET al 7 de abril de 2025, a las 5:00 p.m. ET.
Esta extensión tiene como objetivo facilitar las discusiones en curso sobre una propuesta anunciada anteriormente por Pershing Square el 18 de febrero de 2025 y explorar alternativas potenciales. La empresa enfatiza que no hay garantía de ningún resultado particular de estas discusiones.
Pershing Square ha declarado que no proporcionará comentarios adicionales hasta que determine que una divulgación adicional es apropiada o legalmente requerida. El anuncio hace referencia a su presentación Schedule 13D relacionada con HHH, presentada el 11 de marzo de 2025, que contiene información adicional sobre el asunto.
Pershing Square Holdco는 Howard Hughes Holdings Inc. (NYSE: HHH)와의 스탠드스틸 협정 연장을 발표했습니다. 이 연장은 마감일을 2025년 3월 13일 오후 5시 ET에서 2025년 4월 7일 오후 5시 ET로 연장합니다.
이번 연장은 2025년 2월 18일 Pershing Square가 이전에 발표한 제안에 대한 지속적인 논의를 촉진하고 잠재적인 대안을 탐색하기 위한 것입니다. 회사는 이러한 논의에서 특정 결과를 보장할 수 없다고 강조합니다.
Pershing Square는 추가적인 공개가 적절하거나 법적으로 요구된다고 판단될 때까지 추가적인 논평을 제공하지 않을 것이라고 밝혔습니다. 이 발표는 2025년 3월 11일에 제출된 HHH와 관련된 Schedule 13D 제출서를 참조하며, 해당 사항에 대한 추가 정보를 포함하고 있습니다.
Pershing Square Holdco a annoncé une extension de son accord de standstill avec Howard Hughes Holdings Inc. (NYSE: HHH). L'extension déplace la date limite du 13 mars 2025, à 17h00 ET au 7 avril 2025, à 17h00 ET.
Cette extension vise à faciliter les discussions en cours concernant une proposition précédemment annoncée par Pershing Square le 18 février 2025 et à explorer des alternatives potentielles. La société souligne qu'il n'y a aucune garantie quant à un résultat particulier de ces discussions.
Pershing Square a déclaré qu'elle ne ferait pas de commentaires supplémentaires tant qu'elle ne jugerait pas qu'une divulgation supplémentaire est appropriée ou légalement requise. L'annonce fait référence à leur dépôt Schedule 13D concernant HHH, déposé le 11 mars 2025, qui contient des informations supplémentaires sur la question.
Pershing Square Holdco hat eine Verlängerung seines Standstill-Vereinbarung mit Howard Hughes Holdings Inc. (NYSE: HHH) angekündigt. Die Verlängerung verschiebt die Frist vom 13. März 2025, 17:00 Uhr ET auf den 7. April 2025, 17:00 Uhr ET.
Diese Verlängerung zielt darauf ab, laufende Gespräche über einen zuvor am 18. Februar 2025 von Pershing Square angekündigten Vorschlag zu erleichtern und potenzielle Alternativen zu erkunden. Das Unternehmen betont, dass es keine Garantie für ein bestimmtes Ergebnis aus diesen Gesprächen gibt.
Pershing Square hat erklärt, dass sie keine weiteren Kommentare abgeben werden, bis sie entscheiden, dass eine weitere Offenlegung angemessen oder gesetzlich erforderlich ist. Die Ankündigung verweist auf ihre Schedule 13D-Einreichung in Bezug auf HHH, die am 11. März 2025 eingereicht wurde und zusätzliche Informationen zu dem Thema enthält.
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Insights
The extension of Pershing Square's standstill agreement with Howard Hughes Holdings (HHH) represents a critical development in what appears to be complex negotiations. Standstill agreements typically prevent an investor from increasing their stake or pursuing hostile actions during a specified period, and this extension from March 13 to April 7 provides additional negotiation runway.
The announcement references a proposal from February 18 and mentions "potential alternatives" being discussed, suggesting multiple scenarios are on the table. While specifics remain undisclosed, the recent Schedule 13D filing (March 11) likely contains Pershing Square's ownership position and intentions regarding HHH.
Bill Ackman's investment vehicle extending this agreement indicates serious ongoing discussions that could materially impact HHH's corporate structure or strategy. The deliberately information follows standard protocol during sensitive negotiations of this nature.
For HHH investors, this extension signals that discussions warrant additional time, though the announcement explicitly cautions that no particular outcome is guaranteed. The careful legal language throughout the release, including extensive forward-looking statements disclaimers, aligns with standard practices for potentially significant corporate actions.
This development maintains the current negotiating framework while discussions continue, suggesting both parties see value in extending their dialogue rather than allowing the standstill to expire.
This standstill extension between Pershing Square and Howard Hughes Holdings represents an important inflection point in what could reshape HHH's future. With a
The extension until April 7 suggests the negotiations involve complex considerations around HHH's substantial real estate portfolio. When sophisticated investors like Pershing Square engage with real estate development companies, discussions typically center on unlocking embedded value in land holdings, optimizing development timelines, or restructuring to better monetize assets.
The deliberate lack of details prevents proper assessment of potential outcomes, though the willingness of both parties to extend negotiations indicates ongoing productive dialogue. Real estate development companies often have complex capital structures and long-term value propositions that require nuanced negotiation approaches.
What's particularly noteworthy is that neither party opted to terminate discussions, suggesting both see potential value in continuing the dialogue. For current shareholders, this extension maintains the status quo while preserving the potential for value-enhancing changes that might emerge from these discussions.
While impossible to predict the specific outcome, this extension indicates the conversations involve substantive matters requiring additional time to resolve, rather than merely perfunctory discussions.
There can be no assurance that the foregoing will result in any particular outcome, and Pershing Square does not intend to comment further on these matters until Pershing Square determines that additional disclosure is appropriate or required by law.
Important Additional Information and Where to Find It
This communication is not a recommendation to buy, sell or exchange any securities, and it does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities. Information about Pershing Square and certain of the matters discussed in this press release is described in Pershing Square’s Schedule 13D relating to HHH, filed on March 11, 2025, available at the SEC’s website at www.sec.gov.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Pershing Square assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Pershing Square does not give any assurance that Pershing Square will achieve its expectations. The inclusion of any statement in this press release does not constitute an admission by Pershing Square or any other person that the events or circumstances described in such statement are material.
About Pershing Square and PSCM
Pershing Square is the parent holding company of PSCM, a
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Pershing Square
Francis McGill
McGill@persq.com
212-909-2455
Source: Pershing Square Holdco, L.P.
FAQ
When does the extended standstill agreement between Pershing Square and Howard Hughes Holdings (HHH) expire?
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