Howard Hughes Holdings Inc. HHH experienced an 11.01% increase in its stock price on Monday during pre-market hours, as per Benzinga Pro, after Bill Ackman‘s Pershing Square announced an offer to acquire the remaining shares it does not already own.
The offer was made on Monday at $85 per share, according to CNBC. The proposal will allow the shareholders of Texas-based real estate developer, a long-standing investment for Pershing Square, to choose between receiving the full payment in cash or opting to “roll over” their shares into the post-merger entity, as stated in a letter from Pershing.
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"While we are pleased with the substantial business progress Howard Hughes Holdings has made over the more than 14 years since it went public, we, like other long-term shareholders and this board, have been displeased with the Company's stock price performance," wrote Ackman in a letter.
Howard Hughes Holdings, with a market capitalization of $3.6 billion, has not yet provided a comment on the offer, Reuters noted. The move by Ackman’s firm reflects its continued interest and investment in the real estate developer, which has been a part of its portfolio for an extended period.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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