11:26 AM EDT, 08/08/2024 (MT Newswires) -- Howard Hughes Holdings ( HHH ) said Thursday its board has formed a special committee after its largest shareholder said it is looking into making a proposal to take the company private.

The committee, composed of independent directors, will review any proposal from Pershing Square Capital Management, Howard Hughes said.

Pershing Square, which owns around 37% of Howard Hughes, said in a filing with the US Securities and Exchange Commission on Tuesday it is evaluating potential alternatives in connection with its investment, including a possible acquisition of Howard Hughes shares it or its affiliates do not already own.

Shares of Howard Hughes were up 3.5% in recent trading.

Price: 68.62, Change: +2.31, Percent Change: +3.48