(Bloomberg) -- Pershing Square Capital Management LP is considering a deal to take real estate company Howard Hughes Holdings Inc. private, according to a regulatory filing.
The investment firm run by Bill Ackman is working with investment bank Jefferies Financial Group Inc. as it weighs options including a possible acquisition of all the shares in Howard Hughes that it doesn’t already own. Pershing Square holds a 37.5% stake in Howard Hughes, the filing shows.
Shares in Howard Hughes, which had fallen more than 23% this year before Wednesday, rose as much as 16% for their biggest intraday gain in more than four years. The stock closed up 6.3% to $66.31 in New York trading, giving the company a market value of about $3.3 billion.
Pershing Square said in the filing that there’s no guarantee a deal would be completed, even if it decided to pursue one. A representative for Pershing Square declined to comment beyond the filing.
©2024 Bloomberg L.P.
