Howard Hughes Holdings extends standstill agreement with Pershing Square until May 30, 2025, with ongoing discussions.
Quiver AI Summary
Howard Hughes Holdings Inc. has announced an extension of its standstill agreement with Pershing Square Capital Management until May 30, 2025. The agreement may be extended further but there are no guarantees regarding the outcome of discussions with Pershing Square. HHH will refrain from commenting on these matters until it deems further disclosure necessary. Morgan Stanley serves as the financial advisor for HHH's Special Committee, while Hogan Lovells and Richards, Layton & Finger provide legal counsel. Howard Hughes Holdings Inc. operates a diverse portfolio of real estate across the U.S., focusing on master-planned communities and innovative design. The company is publicly traded on the NYSE under the ticker HHH.
Potential Positives
- Extension of the standstill agreement with Pershing Square signifies ongoing negotiations, potentially leading to positive outcomes for the company.
- The company's portfolio of prestigious master planned communities and strategic position in the real estate market highlight its strong development capabilities.
- Recognition for design excellence and commitment to the cultural life of its communities enhances the brand reputation of Howard Hughes Holdings Inc.
- Having Morgan Stanley as a financial advisor indicates that the company is receiving professional guidance during this critical period, which may bolster investor confidence.
Potential Negatives
- Extension of the standstill agreement with Pershing Square suggests ongoing issues with shareholder relations and potential lack of agreement or resolution.
- The company does not assure a positive outcome from discussions with Pershing Square, potentially indicating uncertainty about their corporate strategy and governance.
- The absence of further comments until deemed appropriate may lead to speculation or concern among investors about the company's decision-making process and transparency.
FAQ
What is the purpose of the standstill agreement with Pershing Square?
The standstill agreement allows for ongoing discussions between Howard Hughes Holdings Inc. and Pershing Square Capital Management.
When will the standstill agreement with Pershing Square expire?
The standstill agreement will remain in effect until May 30, 2025, unless further extended.
Who is advising Howard Hughes Holdings on the standstill agreement?
Morgan Stanley & Co. LLC is acting as the financial advisor for the Special Committee of the Board of Directors.
What does Howard Hughes Holdings Inc. do?
The company owns, manages, and develops commercial, residential, and mixed-use real estate across the U.S.
Where can more information about Howard Hughes Holdings Inc. be found?
Additional information can be found on their official website at www.howardhughes.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HHH Hedge Fund Activity
We have seen 139 institutional investors add shares of $HHH stock to their portfolio, and 118 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EGERTON CAPITAL (UK) LLP added 443,963 shares (+inf%) to their portfolio in Q4 2024, for an estimated $34,149,633
- HARRIS ASSOCIATES L P removed 349,236 shares (-17.9%) from their portfolio in Q4 2024, for an estimated $26,863,233
- CLEARBRIDGE INVESTMENTS, LLC removed 346,647 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $26,664,087
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 269,402 shares (+48.2%) to their portfolio in Q4 2024, for an estimated $20,722,401
- JPMORGAN CHASE & CO removed 238,137 shares (-48.9%) from their portfolio in Q4 2024, for an estimated $18,317,498
- RIVER ROAD ASSET MANAGEMENT, LLC added 219,514 shares (+235.9%) to their portfolio in Q4 2024, for an estimated $16,885,016
- AMERICAN CENTURY COMPANIES INC added 209,217 shares (+50.3%) to their portfolio in Q4 2024, for an estimated $16,092,971
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
THE WOODLANDS, Texas, April 30, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) today further extended its previously announced standstill agreement with Pershing Square Capital Management L.P. (“Pershing Square”). The standstill agreement will now remain in effect until May 30, 2025, unless further extended.
There can be no assurance that discussions with Pershing Square will result in any particular outcome, and HHH does not intend to comment further on these matters until HHH determines that additional disclosure is appropriate or required by law.
Morgan Stanley & Co. LLC is acting as financial advisor to the Special Committee of the Board of Directors, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including Downtown Columbia ® in Maryland; The Woodlands ® , Bridgeland ® and The Woodlands Hills ® in the Greater Houston, Texas area; Summerlin ® in Las Vegas; Ward Village ® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com .
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Contacts:
Media Relations
Andrew Siegel / Lyle Weston
Joele Frank
212-355-4449
Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
[email protected]
