BUZZ-Howard Hughes surges after Ackman's Pershing Square ups stake in $900 million deal

Reuters

05-05

BUZZ-Howard Hughes surges after Ackman's Pershing Square ups stake in $900 million deal

** Shares of real estate developer Howard Hughes Holdings HHH.N soar around 13% to $75.99 in premarket trading

** Billionaire investor Bill Ackman's Pershing Square to buy 9 million newly issued shares in HHH for $900 million

** Post transaction, Pershing Square will own 46.9% of HHH's outstanding shares

** Ackman named executive chairman of Howard Hughes; HHH CEO David O’Reilly to continue in the role

** Stock down ~12% this year, as of last close

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com;))

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