Howard Hughes Corporation news for Thursday has HHC stock soaring on talk of a possible sale.
Howard Hughes Corporation (NYSE:HHC) says that it is conducting a strategic review of its business in an effort to maximize value for its shareholders. The company says that it is making this announcement following media speculation about it doing so.
David R. Weinreb, CEO of the company, has this to say about the effort in a Howard Hughes Corporation news release.
“Our business continues to perform extremely well across our three core segments, with price per acre of land sold, net operating income, and condo sales all exceeding our expectations; however, our stock continues to languish below its net asset value per share. The Board and management are determined to close the significant gap between our share price and the company’s underlying net asset value. We look forward to reporting to shareholders on the results of our strategic review and will remain focused on executing our plans during this evaluation process.”
The Howard Hughes Corporation news release notes that the company is seeking help in the strategic review from Centerview Partners. The options the company are considering include a sale. It is also thinking about joint venture or spin-off of some of its assets, as well as other ideas. There is no timetable from the company on when the strategic review will be complete.
HHC stock was up 35% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.