Howard Hughes Stock Down In After-market; Revised Proposal Received From Pershing Square

(RTTNews) - Shares of Howard Hughes Holdings Inc.(HHH) were down 5 percent on Tuesday's after-market hours after the company revealed that it had received a revised proposal from Pershing Square Capital Management L.P. As per the new proposal, Pershing Square intends to acquire 10 million shares HHH for $90 per share. This is a 46.4 percent premium to the $61.46 unaffected price of HHH stock on August 5 last year, before Pershing Square's August 6 announcement of a possible transaction with HHH.

Under the new proposal, Pershing Square's ownership would increase from 37.6 percent to 48 percent of shares outstanding.

In August last year, HHH's Board of Directors had formed a Special Committee, including independent directors, to look into Pershing Square's request for a possible transaction. On January 13, Pershing Square had submitted an unsolicited acquisition proposal to HHH.

The Special Committee had met with Pershing Square's representatives on February 13 for further clarifications and it was then that the latter presented the Revised Proposal, replacing the original one.

On the New York Stock Exchange, Howard Hughes was down 5% to trade at $76.86 in after-hours. HHH had closed Tuesday's trading at $80.60, up 6.77%.