Pershing Square Buys More Of Target

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.

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