Bill Ackman raises bid for Howard Hughes, says he will turn it into ‘modern-day Berkshire'

1. Bill Ackman raised his offer for Howard Hughes to $90 a share. 2. A successful deal would give Ackman's firm a 48% stake in Howard Hughes. 3. Ackman aims to transform Howard Hughes into a 'modern-day' Berkshire Hathaway. 4. Howard Hughes is focused on developing growing master planned communities. 5. Berkshire Hathaway has a diversified portfolio worth $1 trillion.