By  on October 29, 2008

Activist investor William Ackman of Pershing Square Capital Management LP, who prodded Target Corp. to sell half of its credit card receivables, is drawing a bead on the retailer’s real estate.

Pershing Square, which owns about 9.5 percent of Target’s common stock, said it will make a public presentation today to “detail a potential transaction” that the hedge fund believes “will build long-term value for Target Corp. and all of its stakeholders.” The meeting “will be of particular interest to investors and analysts focused on retail, real estate, fixed income and credit,” the company said.

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