Pershing Squares’ Bill Ackman Preaches his Target Agenda
| May 13th, 2009 | ||
| On Monday, Bill Ackman of Pershing Square presented to fellow shareholders of Target Corp make his case for bringing new blood to the retailer’s board of directors. According to an article from the New York Times DealBook, Mr. Ackman said “Target is not Gucci…It is a business that is supposed to do well even in difficult economic times.” Mr. Ackman positioned his slate of four board nominees as “new thinkers” with backgrounds that position them to increase shareholder value. According to the article, “Mr. Ackman pointed out that Target’s management has sold $428.5 million worth of the company’s stock over the last five years, while buying only $3.8 million worth.” “In response to a question about how long Pershing Square plans to hold its stake in Target, Mr. Ackman said, “I’m not Carl Icahn, the idea here is not to sell Yahoo! to Microsoft,” pointing to a proxy battle staged by a fellow activist investor last year.” | ||
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Pershing Square Capital Management |
Related People: William 'Bill' Ackman;
Related Entities: Leucadia Corporation (NYSE: LUK);
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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