Pershing Square To Delay Discussing Target's (TGT) Real Estate Structure Until Next Year
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Bill Ackman's hedge fund, Pershing Square, will will defer discussing Target's (NYSE: TGT) real estate structure until after the new year.
On October 29th, Pershing Square outlined a potential transaction in which Target would spin-off what it termed “Target Inflation Protected Real Estate Investment Trust” or TIP REIT, a land-only and facilities services real estate investment trust that would include substantially all of Target’s owned land.
On November 19, 2008, Pershing Square revised the transaction in a webcast that addressed the feedback it received from Target, shareholders, bondholders, and other market participants.
On Friday, November 21, 2009, Target issued a statement that it would not pursue the revised transaction.
"We respectfully disagree with the company’s and its advisors’ present conclusion. We believe that the revised transaction would create tremendous value and improve the company’s access to capital, with minimal risk,” said William A. Ackman of Pershing Square. "We intend to pursue the matter in the new year, after the holiday season."
Target Corporation (Target) operates general merchandise and food discount stores in the United States, which include Target and SuperTarget stores.
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On October 29th, Pershing Square outlined a potential transaction in which Target would spin-off what it termed “Target Inflation Protected Real Estate Investment Trust” or TIP REIT, a land-only and facilities services real estate investment trust that would include substantially all of Target’s owned land.
On November 19, 2008, Pershing Square revised the transaction in a webcast that addressed the feedback it received from Target, shareholders, bondholders, and other market participants.
On Friday, November 21, 2009, Target issued a statement that it would not pursue the revised transaction.
"We respectfully disagree with the company’s and its advisors’ present conclusion. We believe that the revised transaction would create tremendous value and improve the company’s access to capital, with minimal risk,” said William A. Ackman of Pershing Square. "We intend to pursue the matter in the new year, after the holiday season."
Target Corporation (Target) operates general merchandise and food discount stores in the United States, which include Target and SuperTarget stores.
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