• PERSHING PAUSES ON TARGET: Pershing Square Capital Management LP said Monday it will defer talks with Target Corp. about Pershing’s proposed spin-off from a real estate investment trust until next year. On Friday, Target rejected a revised plan from Pershing’s William Ackman, calling for the retailer to spin off a REIT consisting of the land on which Target’s stores sit, and sell about 20 percent of it through an initial public offering. Target said the “potential value created, if any, is highly speculative and insufficient to merit pursuit of a transaction given the costs, strategic and operating risks and loss of financial flexibility.” On Monday, Ackman disputed that argument and noted, “We intend to pursue the matter in the new year, after the holiday season.”


 

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