Howard Hughes Committee Dismisses Latest Pershing Square Offer, Enters Standstill Agreement

Real estate company Howard Hughes Holdings HHH -0.96%decrease; red down pointing triangle said its special committee concluded the latest offer from Pershing Square isn’t acceptable in its current form while also entering into a standstill agreement with Bill Ackman’s investment fund.

Howard Hughes said the agreement with Pershing Square, which will remain in effect until March 13 unless extended, is with the intent of facilitating further discussions to explore potential alternatives.