Ackman wants board representation at Target Corp

February 27th, 2009
| More
Bill Ackman of Pershing Square Capital Management, an activist hedge fund manager, is looking to name potential directors for Target Corp.’s (TGT) board, according to a SEC filing. The filing states that Ackman’s firm claims “beneficial ownership on an aggregate basis of 58,390,835 shares of Common Stock (approximately 7.8% of the outstanding shares of Common Stock), which include shares of Common Stock and shares subject to certain stock-settled American-style call options.”

The filing also revealed that Pershing Square continues “to believe in their fundamental investment case for Target, and that the Company’s Common Stock is undervalued at current market prices…Representatives of the Reporting Persons have met and may in the future meet with management and/or representatives of the Issuer to engage in discussions that may include matters relating to the strategy, business, assets, operations, governance, management, capital structure, financial condition and/or future plans of the Issuer in an effort to enhance shareholder value.”
For Detailed Investor Profiles on these Investors, click below:
Pershing Square Capital Management
Related People: Nicholas Botta; Roy J. Katzovicz; Scott Ferguson*; William 'Bill' Ackman
Related Entities: Leucadia Corporation (NYSE: LUK); Pershing Square Capital; Pershing Square IV; Pershing Square LP


More Recent Headlines

Harbinger Hires Goldman Hedge Star Asali

Abax Global Capital’s Founder and CEO Chris Hsu Departs

KKR Adds Eisenberg as a Senior Advisor

Steel Partners Abandons Larger Sapporo Stake

Stephen Raneri and Arthur Rosen to launch LionEye Capital

Poison Pill Inventor praises Relational Investors

Icahn Increases Stakes in Biotech Bets

Former Soros Alums Launch Woodbine Capital Advisors

JA Solar Hires Former Renewable Energy Hedge Fund Analyst

Connective Capital’s Short Strategy Gains 85%, Faces Redemptions