Universal Music Group said on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.

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.

Pershing Square Capital Management LP propuso un acuerdo para fusionar una filial recientemente creada con Howard Hughes Holdings Inc, en el paso más reciente del intento de Ackman por adquirir el promotor inmobiliario que solía ayudar a dirigir.

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

Howard Hughes (HHH) was up 11.3% in premarket trade after billionaire hedge fund manager, Bill Ackman, through Pershing Square issued a proposal that would increase its holdings in HHH.

Pershing Square Holdings, majority owned by billionaire investor Bill Ackman, is set to leave the Netherlands, a move Ackman wants for UMG as well.

With close to half of the stocks in the hedge fund ending 2024 in negative territory, Bill Ackman’s Pershing Square Holdings posted a net gain of 10.2 percent in a year when the S&P 500 climbed 23 percent, making it the first time since 2017 that Ackman has failed to beat the broader stock market.

Pershing Square Capital Management has proposed a deal to merge a newly formed subsidiary with Howard Hughes Holdings, the latest step in Ackman’s pursuit of the real estate developer he used to help lead.

Pershing Square's potential majority stake could influence Howard Hughes' future, but risks remain. See my recommendation on HHH stock.