Saturday, 27 August 2016
Last updated 3 hours ago
Jan 18 2008 | 8:41am ET
Pershing Square Capital Management owns almost a fifth of bookseller Borders Group. And now, it has a seat on its board.
Ann Arbor, Mich.-based Borders named Richard McGuire, a Pershing Square partner, to its board of directors yesterday.
New York-based Pershing Square, run by William Ackman, owns 18% of Borders, although it has a 24% economic exposure to the company. It manages about $6 billion in assets, and has owned stakes in (and pushed for change at) such companies as McDonald’s Corp. and Target Corp.