Shares of Howard Hughes Corp. (NYSE: HHC) fell more than 15% on Tuesday after the real estate developer said it would not be sold.
In June, Howard Hughes announced that it was conducting a "broad review of potential strategic alternatives to maximize shareholder value." Those alternatives included spinning off some of its assets and putting the company up for sale.
"The Board and management are determined to close the significant gap between our share price and the company's underlying net asset value," CEO David Weinreb said at the time. Investors took that comment as a sign a sale was likely, and Howard Hughes' stock surged on the news.