Howard Hughes Holdings Inc. (HHH) has announced that its board of directors has approved the spinoff of Seaport Entertainment Group Inc., with a distribution of Seaport common stock to HHH shareholders on July 29. This move will establish Seaport Entertainment as an independent company, with valuable assets such as the redevelopment project in Lower Manhattan and air rights above the Fashion Mall in Las Vegas for a new casino.
Shareholders who hold HHH common stock on record at the close of business on July 29 will receive pro rata shares of Seaport common stock, but fractional shares will not be distributed. Instead, these fractional shares will be sold in the open market.
Wells Fargo is acting as financial advisor and Latham and Watkins LLP is serving as legal advisor to HHH during this process. J.P Morgan Securities LLC is also providing financial advice while Richards Layton and Finger, P.A serves as legal counsel for a special committee within HHH’s board.
