Pershing Square Capital

Pershing Square Capital Management | Notes

The following piece on Pershing Square Capital Management and Bill Ackman (shown left) is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

Resource #1: (11.18.08) Target Corp (TGT.N) shareholder Pershing Square Capital Management will present on Wednesday a revised proposal to boost Target’s long-term value and address concerns raised about an earlier version calling on the retailer to spin off the land under its stores.

But a Target spokeswoman said the discount retailer is still reviewing the Pershing proposal and has not yet made a decision on it. Target shares were down 4.8 percent at $29.99 in late afternoon trading on the New York Stock Exchange.

Nearly three weeks ago, hedge fund manager William Ackman, whose Pershing Square Capital Management owns roughly 10 percent of Target’s stock, called on Target to spin off to shareholders a real estate investment trust that would own the land beneath its stores.

Ackman said the deal would unlock the value of Target’s real estate and boost its sagging stock price. But the discount retailer said the proposal might make the company vulnerable to a credit downgrade. That, in turn, would make it even tougher to borrow money during the current financial crisis. Management also expressed concern about other issues, including reduced financial flexibility.

It now appears Ackman has made some adjustments to his original plan in response to Target’s concerns.

“The revised transaction addresses each of the concerns raised by the company … and incorporates feedback from shareholders, bondholders, and other market participants,” Pershing said in a statement. Source
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Resource #2: View Pershing Square Capital’s lastest 13F details here: Pershing Square Capital Management 13F Holdings Analysis

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Resource #3: View a video interview with Bill Ackman of Pershing Square Capital here: Pershing Square Capital Management | Bill Ackman Video Interview

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