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 investor Bill Ackman has offered to purchase additional shares in Howard Hughes Holdings, with the intention of turning the real estate company into a Buffett-like conglomerate. Pershing Square Capital Management founder and Chief Executive Bill Ackman is proposing a merger to form a company that he thinks could emulate Warren Buffett’s Berkshire Hathaway.

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.

Born into a wealthy New York family, Bill Ackman has amassed a fortune estimated at more than $9 billion, according to Forbes. As he tries to buy The Woodlands-based Howard Hughes Holdings, here's what you should know about the creator of Pershing Square Capital Management.

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