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,

Billionaire hedge fund manager Bill Ackman announced plans to build a modern-day Berkshire Hathaway ( BRK.A 1.68%) ( BRK.B 1.79%). Although Ackman and his investors would own most of it, it would be available to invest in as a publicly traded company.

Ackman has unveiled his vision to form a new business out of Howard Hughes Holdings “that would acquire controlling interests in operating companies.”

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

Billionaire Bill Ackman’s investment vehicle Pershing Square has offered to buy the remainder of real estate developer Howard Hughes for $85 per share, driving its stock higher.

Bill Ackman, the billionaire investor who operates the Pershing Square hedge fund, has been involved with Howard Hughes since the beginning. He led the 2010 spinoff of the company from General Growth Properties, and has built his stake up over the years, now owning about 38% of the business.