Bill Ackman's Pershing Square proposed to acquire 10 million newly issued Howard Hughes shares at $90 a share — up from $85 a share.

Fast forward half a century, Bill Ackman, the billionaire hedge fund manager behind Pershing Square Capital Management, is looking to replicate Buffett’s success by creating a “modern-day Berkshire Hathaway.

The deal would give hedge-fund manager Bill Ackman’s firm a 48% stake in the company known for master-planned community developments.