Howard Hughes Stock Rises 3% After $900 Mln Investment From Pershing Square

(RTTNews) - Howard Hughes Holdings Inc. (HHH) shares rose 3.04 percent to $69.52 during Monday's trading after the company announced a $900 million equity investment from Pershing Square. The hedge fund, led by Bill Ackman, will acquire 9 million newly issued shares at $100 each a 48 percent premium to HHH's May 2 closing price.

The stock opened at $71.22 and has traded between $69.58 and $71.47 so far today on the New York Stock Exchange. It previously closed at $67.47. Howard Hughes shares have ranged from $59.46 to $87.77 over the past 52 weeks, with volume at 1.55 million, well above the daily average of 423,238.

Pershing Square will now hold a 46.9 percent stake in the company and support its transformation into a diversified holding company while continuing to back its real estate and master-planned communities' business.