Tuesday, August 11, 2009

PTF (perusing the filings) (TGT)

AlphaNinja - Pershing Square, an activist fund run by William Ackman, filed that they reduced their ownership stake in Target (TGT) Corp.

As I've written about previously, the public debate between Target management and Ackman is interesting on many levels, one of which is the argument that Ackman's use of stock options versus common stock (well at least more options than stock) signifies his "quick-buck" interest in the company. I mention this because while Pershing Square's total economic interest in Target has been reduced, he actually INCREASED his common stock position -->> arguing that maybe he actually is "in it" for the longer term.

We'll see if this lends legitimacy to his argument for monetizing Target's perceived undervalued real estate.

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