HHC - Howard Hughes jumps as Pershing Square to buy up to 6.3M shares

Howard Hughes ( NYSE: HHC ) +5.7% pre-market Friday after Pershing Square Capital Management said it launched a cash tender offer to purchase as much as 6.34M common shares at a price not greater than $60 nor less than $52.25 each.

Pershing already is Hughes' ( HHC ) largest shareholder with a 27.3% stake, and the tender offer represents another 12.7% of shares outstanding as of July 28.

The buyers said they are making the offer because they believe Hughes' ( HHC ) current stock price is below the company's long-term intrinsic value.

Hughes ( HHC ) shares rose 2.4% Thursday, a day after posting their lowest closing price since August 2020.

Howard Hughes ( HHC ) is "a deep-value opportunity" with underlying net asset value more than 2.5x higher than the current share price, Noor Darwish writes in an analysis newly published on Seeking Alpha .

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