After losing the proxy battle with Target (NYSE: TGT) in which he failed to reassure the retailer’s shareholders of his long-term commitment to the company, Bill Ackman is sticking by his word. According to a August 11th filing with the SEC, Mr. Ackman’s Pershing Square Capital Management increased its common stock stake in TGT from 3.3% to 3.5%, while reducing its options in the company. The filing stated:
“As of May 26, 2009, the date of the last amendment to this Schedule 13D, the beneficially owned approximately 7.8% of the then outstanding shares of Common Stock, consisting of 3.3% in shares of Common Stock and 4.5% in stock-settled call options. As a result of the transactions reported in this Amendment No. 9, the Reporting Persons sold options and engaged in net purchases of shares of Common Stock, resulting in a net increase of Common Stock ownership of 0.2% and a decrease of beneficial ownership to 4.4%, consisting of 3.5% in shares of Common Stock and 0.9% in stock-settled call options.”
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