Ackman Has Found His Target?
|July 16th, 2007||
|In a SEC filing today, Bill Ackman’s Pershing Square Capital Management reported that it holds a 9.6% stake in Target Corp (TGT). While Mr. Ackman has pursued highly publicized activist battles against McDonald’s and Wendy's, it is currently unclear what plans he has for Target. Target currently has a PE of 19, while the industry average is 24.|
In its SEC letter to Target, the company stated that “Pershing Square Holdings GP, LLC ("PS GP") serves as the general partner of Pershing Square IV A, L.P., a special purpose vehicle capitalized with $2 billion for the purposes of investing in Target Corporation.
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