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Bill Ackman's Pershing Square is forming a new entity to merge with Howard Hughes Holdings, offering current holders of the real estate company $85 a share.

Billionaire Bill Ackman ’s investment firm Pershing Square has offered to buy the remainder of real estate developer Howard Hughes Holdings (HHH) for $85 per share, driving its stock higher.

Ackman's hedge fund, Pershing Square, owns a 37.5% stake in Howard Hughes Holdings and a 37.9% stake in its recent spinoff, Seaport Entertainment Group Inc. (NYSE: SEG).

Bill Ackman’s Pershing Square Capital is considering taking Howard Hughes private, according to a filing with the Securities and Exchange Commission. Pershing Square is already the developer’s ...

Reuters FILE PHOTO: Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017.

Ackman's bottom line point was, at about $122 a share for Howard Hughes, which was the price before he made the presentation, he thought an investor was getting essentially the entire business of ...

Shares popped as much as 4 percent to $127, reaching a 12-month high as he spoke. Ackman’s own fund, which faced two consecutive years of double-digit losses, is up 1.9 percent through April 30.