09:46 AM EST, 01/13/2025 (MT Newswires) -- Howard Hughes Holdings' ( HHH ) shareholders have been sent a letter by Pershing Square offering to acquire a controlling stake in Howard Hughes stock by a newly created subsidiary.

Pershing is seeking to acquire approximately 11.7 million shares of Howard Hughes' stock at $85 each, for a total of $1 billion, not currently held by Pershing-affiliated stock holders, Pershing Chief Executive Bill Ackman said in a verified post on the social media platform X Monday. Simultaneously, Ackman said, Pershing will launch a $500 million share repurchase at $85 per share for up to approximately 5.9 million shares from public float shareholders of Howard Hughes stock.

The $500 million would be financed by newly issued bonds.

Howard Hughes did not immediately respond to a request for comment from MT Newswires.

Shares of Howard Hughes were up 10% in recent early Monday trading.