Billionaire hedge fund manager Bill Ackman announced plans to build a modern-day Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). Although Ackman and his investors would own most of it, it would be available to invest in as a publicly traded company.

Ackman proposed a takeover of real estate developer Howard Hughes for $85 a share and said he is displeased with its recent stock performance.

Pershing Square Capital Management is pushing for a merger after the spinoff of some of Howard Hughes’ other entities.

Howard Hughes (HHH) was up 11.3% in premarket trade after billionaire hedge fund manager, Bill Ackman, through Pershing Square issued a proposal that would increase its holdings in HHH.

Billionaire Bill Ackman is offering to take over Howard Hughes Holdings, with the goal of turning the Houston real estate firm into a holding company akin to Warren Buffett's Berkshire Hathaway. Ackman's Pershing Square Capital Management is seeking to own as much as 69% of Howard Hughes Holdings,

Shares of Howard Hughes rose Monday but were below Ackman’s offering price. It may take more from Pershing Square to seal a deal.

Billionaire investor Bill Ackman said Monday that Pershing Square will increase its stake in real estate giant Howard Hughes Holdings by $1 billion — and take the company private to create “a modern-day Berkshire Hathaway.