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 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.

According to the New York Post. According to the New York Post, creating “a modern-day Berkshire Hathaway” is no mean feat, but that’s exactly what billionaire investor and hedge fund manager Bill Ackman intends to do.

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.”