Ackman Eyeing TGT – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/18284/Ackman+Eyeing+TGT++-+Zacks+Tale+of+the+TapePosted on Tuesday, March 17th, 2009 | In Stocks to Watch
Target Corp. (TGT) led the broader surge in the S&P Retail Index on Tuesday after activist investor William Ackman said he would launch a proxy battle to replace 5 directors at the discount retailer’s board.
In addition to Ackman himself, his hedge fund Pershing Square’s nominees include Winthrop Realty Trust (FUR) Chief Executive Michael Ashner, ex-Starbucks (SBUX) CEO Jim Donald, Professor Ronald Gilson and Richard Vague, the former CEO of First USA, Juniper Financial and Barclays Bank Delaware.
“If elected, we believe they will substantially improve Target’s ability to navigate through the current economic environment while increasing shareholder value over the long term,” Ackman said.
Pershing Square is Target’s third-largest investor, with beneficial ownership of about 7.8% of its outstanding common stock. Ackman has long held that Target’s stock is undervalued and urged the Minneapolis-based company to sell its credit card portfolio. His decision for the proxy fight comes after Target declined to invite him to join the board.
Target was up more than 5% to $30.31 at noon on the New York Stock Exchange. The S&P Retail Index rose 4.3% to 266.33.
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