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Report: Howard Hughes Exploring Strategic Alternatives, Possible Sale

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Report: Howard Hughes Exploring Strategic Alternatives, Possible Sale

Howard Hughes Corporation (NYSE: HHC) shares spiked shrply higher Thursday morning after CNBC's David Faber reported the company has hired Centerview Partners to explore alternatives, including a sale.

Howard Hughes is a major real estate development and management company based in Dallas, Texas. Centerview Partners is an independent investment banking and private equity investment firm.

Pershing Square ’s Bill Ackman controls 4% to 5% of the Howard Hughes including stock and derivatives and is “fully supportive” of the plan to review alternatives.

Howard Hughes shares were trading higher by 29.4% at $119.94 before being halted for trading at 10:41 a.m. ET. The stock has a 52-week high of $142.36 and a 52-week low of $89.51.

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