05:06 PM EST, 01/13/2025 (MT Newswires) -- Howard Hughes Holdings ( HHH ) on Monday confirmed a proposal from Pershing Square to acquire a controlling stake in the company by buying additional common shares.

Earlier in the day, Pershing Square Chief Executive Bill Ackman said in a post on the social media platform X that Pershing is seeking to acquire about 11.7 million shares of Howard Hughes' stock at $85 each, for a total of $1 billion, not currently held by Pershing-affiliated stockholders.

Howard Hughes said Pershing currently beneficially owns about 37.6% of its common stock.

Pershing's proposal is subject to the parties entering a definitive agreement and approval of other Howard Hughes shareholders.

Shares of Howard Hughes were up more than 1% in after-hours activity, extending a 9.5% gain in regular trading.