The record label behind Taylor Swift plans to launch a U.S. offering of some shares owned Bill Ackman’s Pershing Square, as the hedge-fund billionaire pushes for a U.S. listing.

(Reuters) - 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.

Under the proposed deal, a Pershing Square unit will buy 11.8 million shares for $1 billion from non-Pershing Square affiliate shareholders of Howard Hughes, while the real estate developer will commence a $500 million share repurchase at $85 per share for up to 5.9 million shares.

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.

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

Bill Ackman’s Pershing Square Capital aims to merge with one of the largest public commercial real estate companies in a $1.5 billion deal.

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.

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