Yahoo Finance

Bill Ackman's Pershing Square Capital Management has submitted a proposal to Howard Hughes Holdings (HHH) to acquire 10 million newly issued shares of the company at $90 a piece in what would amount to a $900 million deal. This comes after Ackman's previous offer at $85 a share.

If the deal comes to fruition, Pershing Square will own 48% of the real estate developer, and Ackman will serve as Howard Hughes CEO. Ackman says the deal is part of his effort "to build a diversified holding company, or one could say, a modern-day Berkshire Hathaway (BRK-B, BRK-A)."

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This post was written by Naomi Buchanan.