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.” |
