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.

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