11:37 AM EST, 03/03/2025 (MT Newswires) -- (Amends headline and text throughout to clarify Pershing Square's proposal was to acquire additional shares in Howard Hughes.)

Howard Hughes (HHH) said Monday that the special committee of its board hasn't accepted the Feb. 18 proposal from Pershing Square Capital Management to acquire 10 million newly issued common shares of Howard Hughes for $90 per share.

The committee said the proposal was "not acceptable in its current form".

The committee also said that it has entered into a standstill agreement with Pershing Square to facilitate further discussions to explore potential alternatives. The standstill agreement will remain in effect until March 13, unless otherwise extended.

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