The board deemed Pershing Square Capital’s acquisition proposal “not acceptable in its current form,” and both sides signed a standstill agreement.

The board of directors for the developer of master-planned communities called the $90-per-share offer from Pershing Square "not acceptable in its current form."

Investor Bill Ackman said shares of Howard Hughes Holding could fall into the low 60s if his proposal to buy stock in the real estate company and turn it into a modern-day Berkshire Hathaway is rejected.

Howard Hughes Holdings has rejected Pershing Square Capital Management’s latest bid to merge with the commercial real estate giant.

NEW YORK (Reuters) - Billionaire investor Bill Ackman's plans to turn real estate company Howard Hughes Holdings into a diversified holding company will not impact how his investment portfolios buy and sell stakes in companies.

The board of Howard Hughes Holdings Inc. called the acquisition offer from Bill Ackman’s Pershing Square “not acceptable in its current form.”

Howard Hughes Holdings, the real estate devoper responsible for the Summerlin master-planned community in Las Vegas, said it has rejected a $900 million buyout

Summerlin developer Howard Hughes Holdings rejected hedge-fund magnate Bill Ackman’s offer to buy $900 million of stock and take charge of the company. Texas-based Hughes Holdings said Monday that a special committee of its board responded to Ackman’s Pershing Square Capital Management,