Howard Hughes Holdings Forms Special Committee to Evaluate Potential Take-Private
August 08 2024 - 7:03AM
Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”)
today announced that Pershing Square Capital Management, L.P., the
Company’s largest stockholder, has stated in a regulatory filing
that it is, and intends to continue, evaluating the possibility of
various potential alternatives with respect to its investment in
the Company, including a possible transaction in which it (either
alone or together with one or more potential co-investors) may
acquire all or substantially all of the shares of common stock in
the Company not owned by Pershing Square and their affiliates, and
in connection therewith take the Company private. Pershing Square
made this statement in an amendment dated August 7, 2024, to its
Schedule 13D filing with the Securities and Exchange Commission.
Pershing Square currently owns approximately 37.5% of the total
outstanding shares of HHH common stock.
The Company’s Board of Directors is aware of Pershing Square’s
filing and has formed a Special Committee comprised of independent
directors to review any proposal by Pershing Square, as and when
received, and evaluate it in light of other strategic alternatives
that may be available to HHH, including continuing to operate as a
publicly traded company. The Board and the Special Committee are
committed to acting in the best interests of HHH and its
stockholders.
There can be no assurance that the foregoing 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.
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 StatementStatements 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:Howard Hughes Holdings
Inc.
Media RelationsCristina Carlson,
646-822-6910Senior Vice President, Head of Corporate
Communicationscristina.carlson@howardhughes.com
Investor RelationsEric Holcomb,
281-475-2144Senior Vice President, Investor
Relationseric.holcomb@howardhughes.com
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