Bill Ackman's Pershing Square proposed to acquire 10 million newly issued Howard Hughes shares at $90 a share — up from $85 a share.

Pershing Square's Bill Ackman hiked his takeover offer for Howard Hughes Holdings. The billionaire investor said Tuesday that his firm has submitted a proposal to acquire 10 million newly issued Howard Hughes shares at $90 per share.

Fast forward half a century, Bill Ackman, the billionaire hedge fund manager behind Pershing Square Capital Management, is looking to replicate Buffett’s success by creating a “modern-day Berkshire Hathaway.