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.

Ackman has unveiled his vision to form a new business out of Howard Hughes Holdings “that would acquire controlling interests in operating companies.”

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

Universal Music Group NV has agreed to plan a US share sale by Sept. 15, in order to fulfill an agreement with billionaire Bill Ackman’s hedge fund Pershing Square.