BUZZ-Howard Hughes falls after getting smaller offer from Ackman's Pershing Square

Reuters

Feb 19, 2025

** Shares of real estate developer Howard Hughes HHH.N slip 4.5% to $76.99 in premarket trading

** Bill Ackman's Pershing Square Capital Management on Tuesday revised its offer for stake in HHH, proposing to buy stake worth $900 million vs $1 billion earlier

** Pershing's new proposal is for 10 million newly issued shares and would up Pershing's stake to 48% from 37.6% now

** Earlier proposal in January planned to increase Pershing's stake to between 61%-69%

** New offer price of $90 per share still an 11.7% premium to HHH closing price on Tuesday of $80.60

** Ackman would become chairman and CEO of Howard Hughes under proposal

** HHH says special committee is assessing offer, says has not engaged in negotiations

** HHH shares rose nearly 7% on Tuesday, and is up 4.8% year to date

(Reporting by Lisa Pauline Mattackal)

((LisaPauline.Mattackal@thomsonreuters.com;))

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