Ackman’s Pershing Square Weighs Taking Howard Hughes Private

Pershing Square Capital Management LP is considering a deal to take real estate company Howard Hughes Holdings Inc. private, according to a regulatory filing.

The investment firm run by Bill Ackman is working with investment bank Jefferies Financial Group Inc. as it weighs options including a possible acquisition of all the shares in Howard Hughes that it doesn’t already own. Pershing Square holds a 37.5% stake in Howard Hughes, the filing shows.

Shares in Howard Hughes, which had fallen more than 23% this year before Wednesday, rose as much as 16% for their biggest intraday gain in more than four ...