Billionaire investor Bill Ackman's Pershing Square Capital Management said on Tuesday it would buy 10 million newly issued shares of Howard Hughes Holdings for $900 million as it revised its proposal to the real estate developer.

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

Howard Hughes Holdings receives a $900M capital infusion from Bill Ackman. See why HHH stock is a strong buy with potential for high ROI and restructuring.

Pershing Square submitted a new non-binding offer to increase its stake in Howard Hughes Holdings through a $900 million investment that would make Bill Ackman the new chief executive of the real-estate company.

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Howard Hughes Holdings (HHH) shares retreated 8% in Wednesday late morning trading, wiping out Tuesday's 6.8% gain, after confirming a revised takeover proposal from billionaire investor Bill Ackman's Pershing Square Capital Management.