Ackman’s Pershing Square Seeks to Boost Howard Hughes Stake (1)

Bill Ackman’s Pershing Square Capital Management is seeking to buy up to $380 million worth of Howard Hughes Corp. shares, sending the real estate company’s stock jumping.

Pershing Square, already the largest shareholder in Howard Hughes, has started a cash tender offer to buy 6.34 million shares with a price between $52.25 and $60, the company said Friday in a statement. The offer is expected to expire Nov. 10 and the exact price will be determined through a modified Dutch auction.

Shares of Howard Hughes climbed 7% to $58.72 at 9:37 a.m. in New York. The stock ...