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.

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.

Howard Hughes Holdings Inc. (NYSE: HHH) has received a $1 billion offer from the firm run by The Woodlands-based developer’s former chairman. Pershing Square Capital Management