Howard Hughes Extends Standstill Agreement with Pershing Square to May 30, 2025
Howard Hughes Holdings has announced an extension of its standstill agreement with Pershing Square Capital Management until May 30, 2025. This development represents a continuation of their previously established arrangement.
The company, trading under NYSE symbol HHH, has enlisted Morgan Stanley as financial advisor to its Special Committee of the Board of Directors. Legal counsel is being provided by Hogan Lovells US and Richards, Layton & Finger.
Howard Hughes maintains a cautious communication stance, stating they will not provide additional comments until deemed necessary or legally required. The company also emphasizes that there is no guarantee of any specific outcome from ongoing discussions with Pershing Square.
Howard Hughes Holdings ha annunciato un'estensione del suo accordo di standstill con Pershing Square Capital Management fino al 30 maggio 2025. Questo sviluppo rappresenta una continuazione dell'accordo precedentemente stabilito.
L'azienda, quotata alla NYSE con il simbolo HHH, ha incaricato Morgan Stanley come consulente finanziario per il suo Comitato Speciale del Consiglio di Amministrazione. La consulenza legale è affidata a Hogan Lovells US e Richards, Layton & Finger.
Howard Hughes mantiene un atteggiamento prudente nella comunicazione, dichiarando che non fornirà ulteriori commenti fino a quando non sarà ritenuto necessario o richiesto dalla legge. L'azienda sottolinea inoltre che non vi è alcuna garanzia di un risultato specifico dalle discussioni in corso con Pershing Square.
Howard Hughes Holdings ha anunciado una extensión de su acuerdo de standstill con Pershing Square Capital Management hasta el 30 de mayo de 2025. Este desarrollo representa una continuación del acuerdo previamente establecido.
La compañía, que cotiza en la NYSE con el símbolo HHH, ha contratado a Morgan Stanley como asesor financiero para su Comité Especial del Consejo de Administración. La asesoría legal está siendo proporcionada por Hogan Lovells US y Richards, Layton & Finger.
Howard Hughes mantiene una postura cautelosa en su comunicación, declarando que no ofrecerá comentarios adicionales a menos que sea necesario o requerido por ley. La empresa también enfatiza que no hay garantía de un resultado específico en las discusiones en curso con Pershing Square.
하워드 휴즈 홀딩스는 퍼싱 스퀘어 캐피탈 매니지먼트와의 스탠드스틸 계약을 2025년 5월 30일까지 연장했다고 발표했습니다. 이는 이전에 체결된 합의의 연속임을 의미합니다.
NYSE 심볼 HHH로 거래되는 이 회사는 이사회 특별위원회의 재무 고문으로 모건 스탠리를 선정했습니다. 법률 자문은 호건 러블스 US와 리처즈, 레이튼 & 핑거가 제공하고 있습니다.
하워드 휴즈는 신중한 소통 태도를 유지하며, 필요하거나 법적으로 요구될 때까지 추가 언급을 하지 않을 것이라고 밝혔습니다. 또한 진행 중인 퍼싱 스퀘어와의 논의에서 특정 결과를 보장할 수 없음을 강조했습니다.
Howard Hughes Holdings a annoncé une prolongation de son accord de standstill avec Pershing Square Capital Management jusqu'au 30 mai 2025. Cette évolution constitue une poursuite de l'accord précédemment établi.
La société, cotée à la NYSE sous le symbole HHH, a mandaté Morgan Stanley en tant que conseiller financier de son Comité Spécial du Conseil d'Administration. Les conseils juridiques sont assurés par Hogan Lovells US et Richards, Layton & Finger.
Howard Hughes adopte une posture prudente dans ses communications, déclarant qu'elle ne fera pas de commentaires supplémentaires sauf si cela est jugé nécessaire ou légalement requis. La société souligne également qu'aucune garantie de résultat spécifique ne peut être donnée quant aux discussions en cours avec Pershing Square.
Howard Hughes Holdings hat eine Verlängerung seiner Stillhaltevereinbarung mit Pershing Square Capital Management bis zum 30. Mai 2025 bekanntgegeben. Diese Entwicklung stellt eine Fortsetzung der zuvor getroffenen Vereinbarung dar.
Das Unternehmen, das an der NYSE unter dem Symbol HHH gehandelt wird, hat Morgan Stanley als Finanzberater für seinen Sonderausschuss des Vorstands beauftragt. Die rechtliche Beratung erfolgt durch Hogan Lovells US und Richards, Layton & Finger.
Howard Hughes hält eine vorsichtige Kommunikationslinie ein und erklärt, keine weiteren Kommentare abzugeben, bis dies als notwendig oder gesetzlich vorgeschrieben erachtet wird. Das Unternehmen betont zudem, dass es keine Garantie für ein bestimmtes Ergebnis der laufenden Gespräche mit Pershing Square gibt.
- Extension of standstill agreement with major investor Pershing Square indicates continued stability in shareholder relations
- Engagement of prominent financial advisor Morgan Stanley suggests professional handling of strategic discussions
- Uncertainty around the outcome of discussions with Pershing Square
- Limited transparency as company withholds additional information until further notice
Insights
HHH extends standstill agreement with Pershing Square until May 2025, maintaining current relationship while discussions continue.
Howard Hughes Holdings' extension of its standstill agreement with Pershing Square Capital Management represents a continuation of existing governance arrangements between the company and what is presumably a significant investor. Standstill agreements typically limit an investor's ability to acquire additional shares or take certain actions regarding the company without approval.
The extension until May 30, 2025 creates a defined timeframe of stability in this relationship. Importantly, the company has formed a Special Committee of the Board supported by premier advisors – Morgan Stanley as financial advisor and Hogan Lovells and Richards, Layton & Finger as legal counsel – indicating the matter involves significant corporate governance considerations requiring independent oversight.
The press release's careful wording that "there can be no assurance that discussions with Pershing Square will result in any particular outcome" confirms ongoing negotiations without disclosing their nature. This transparency about uncertainty, combined with HHH's statement that it "does not intend to comment further," suggests these discussions involve sensitive matters requiring confidentiality.
For shareholders, this extension maintains the status quo while providing clarity about the timeframe during which current arrangements will remain in place. The involvement of a Special Committee with dedicated advisors signals proper governance protocols are being followed for material discussions with a significant investor.
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
eric.holcomb@howardhughes.com
FAQ
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