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.

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,

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