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.

Howard Hughes Holdings (NYSE:HHH) said on Monday it received a proposal from Bill Ackman's Pershing Square Capital Management (OTCPK:PSHZF) for the acquisition of additional Howard Hughes shares that would give Pershing Square a majority of its common stock.

Howard Hughes Holdings Inc. (NYSE: HHH) has received a $1 billion offer from the firm run by The Woodlands-based developer’s former chairman. Pershing Square Capital Management