|On the heels of two high profile, but unsuccessful single-stock investments, Pershing Square Capital Management founder, Bill Ackman is once again eyeing a major U.S. company for an activist stake. According to Bloomberg News, Mr. Ackman is actively raising as much as $1 billion in the undisclosed company. |
Bill Ackman’s last single-stock investment in 2007, for which he raised $2 billion, was Target Corp. which proceeded to lose 90 percent in the two years following the investment. A similar investment in J.C. Penny Co. also went south leading the company to fire Ackman’s handpicked CEO. Sources indicate that Pershing Square Capital Management won’t utilize the types of leverage vehicles that magnified it losses in Target Corp.