Pershing Square Capital Management announced that Pershing Square, L.P., Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. have commenced a cash tender offer to purchase up to an aggregate of 6,340,000 shares of common stock of The Howard Hughes Corporation at a price not greater than $60.00 nor less than $52.25 per common share, net to the seller in cash, less any applicable withholding taxes and without interest. "The exact price will be determined through a modified Dutch auction described in the offering materials referred to below. If the Purchasers accept any common shares for purchase pursuant to the offer, PS, PS International and PSH will purchase approximately 7.47%, 2.27% and 90.26%, respectively, of those common shares and their purchase obligation will be several in accordance with those percentages and not joint. The offer is being made on the terms and subject to the conditions set forth in the offer to purchase and the letter of transmittal, each dated as of October 14, 2022. The Purchasers are making this offer because they believe the company’s current stock price is below the company’s long-term intrinsic value per share. The offer is scheduled to expire at 12:00 Midnight, New York City time, at the end of November 10, 2022, unless the offer is extended or earlier terminated. Any extension of the offer will be announced publicly on the first business day after the expiration date. The offer is subject to customary closing conditions. There is no financing condition to the offer," Pershing Square stated. In pre-market trading, Howard Hughes shares are up $1.53, or 3%, to $56.40.
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