Monday, 30 March 2015
Last updated 2 days ago
Jul 16 2007 | 11:58am ET
Pershing Square Capital Management’s William Ackman apparently just can’t resist Target Corp.’s giant red bullseye logo.
Indeed, the New York-based activist hedge fund manager has the discount retailer in his sights, targeting it for its “undervalued” share price, according to a filing with the Securities and Exchange Commission.
Pershing Square, in a widely-expected move that drove Targets stock price up 7% last Thursday, said it has acquired 81.8 million shares of the Minneapolis-based company, amounting to a roughly 9.6% stake. The hedge fund began building its stake in April.
In spite of a 45% rise in its share price over the past year, Pershing Square said it viewed the stock as too cheap, and said it would “discuss with management ways in which this undervaluation can be corrected.” Ackman’s firm said it would seek talks with management regarding strategy, business, assets, operations, capitalization and financial condition, according to the filing.
Ackman added that he will donate much of any profit from his Target investment to his new Pershing Square Foundation, a charity launched last year focusing on education, health care and human rights.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…