Thursday, 26 November 2015
Last updated 7 hours ago
Nov 29 2007 | 8:13am ET
Pershing Square Capital Management has boosted its stake in Target Corp., founder William Ackman said yesterday.
The New York-based activist hedge fund owned a 9.6% stake in the retailing giant in July. Ackman, speaking at a New York conference, did not say how much his fund now controls.
The activist did have kind words for his target, saying he has “enormous respect” for the company’s management. Target announced it was considering a sale of its credit card portfolio after Ackman put pressure on the company to improve its stock’s discount.
Last Friday, the activist hedge fund also upped its stake in Borders Group to 17.1% from 11.7%, according to a Securities and Exchange Commission.
Ackman had reportedly been solicited by the board of the bookseller for his views of the firm’s management. In the past, Ackman has discussed the makeup of the board and corporate governance issues in general with Borders. It is not known if his latest interest in the firm is an attempt to agitate for change.
Ackman is well known in both hedge fund circles and the corporate world for shaking up management at companies such as McDonald's Corp. and Wendy's International.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…