Shares of Howard Hughes Holdings jumped after hedge-fund manager Bill Ackman's firm offered to buy 11.8 million Howard Hughes shares at $85 apiece to own a majority stake in the company. The stock jumped about 9.

Shares of Howard Hughes rose Monday but were below Ackman’s offering price. It may take more from Pershing Square to seal a deal.

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.