BUZZ-Howard Hughes Holdings shares surge on buyout offer from Bill Ackman's Pershing Square

Updates

** Shares of real estate developer Howard Hughes HHH.N up 10.7% at $79.48 in premarket trading

** Billionaire investor Bill Ackman's Pershing Square PSH.AS, which along with its affiliates, has a 37.6% stake in the company, offers to buy the remaining stake in HHH for $85 per share

** HHH stock up about 15% since Pershing Square Capital Management, already the biggest owner of Howard Hughes, said it was considering taking co private in August

** Texas-based HHH has a market capitalization of $3.6 billion, according to data compiled by LSEG

** Stock hit a four-month low on Friday, down about 18% from its 2-1/2 year high in November

(Reporting by Medha Singh and Rupali Chaudhary)

((medha.singh@thomsonreuters.com))