Comments from Pershing Square's Bill Ackman On Target (TGT)
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Pershing Square says their proposal has tremendous advantages for Target (NYSE: TGT) shareholders. It will spin-off a REIT. New Target Corp will own its building on 75-year ground leases. This would be a tax-free spin off.
Ackman said Target will retain complete control of its buildings/brand. Replacement cost of Target's owned real estate is $39 billion.
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Ackman said Target will retain complete control of its buildings/brand. Replacement cost of Target's owned real estate is $39 billion.
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