Howard Hughes Holdings (NYSE:HHH) said on Monday it received a proposal from Bill Ackman's Pershing Square Capital Management (OTCPK:PSHZF) for the acquisition of additional Howard Hughes shares that would give Pershing Square a majority of its common stock.

Howard Hughes Holdings Inc. (NYSE: HHH) has received a $1 billion offer from the firm run by The Woodlands-based developer’s former chairman. Pershing Square Capital Management

Pershing Square Capital Management LP has proposed a deal to merge one of its subsidiaries with real estate company Howard Hughes Holdings Inc., according to a letter to investors.