Pershing Square to present possible value-building transaction for Target

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Pershing Square Capital Management, LP announced it will host a public presentation on Wednesday detailing a potential transaction that it believes will build long-term value for Target Corp.

The presentation will be of particular interest to investors and analysts focused on retail, real estate, fixed income and credit, a Pershing Square Capital news release said.

Pershing Square Capital said it is a long-term investor in Target, having beneficially acquired approximately 10% of the Minneapolis-based retailers' outstanding stock since April 2007.

Target acknowledged that since May, Pershing Square Capital has shared ideas for an alternative ownership structure in regards to Target real estate.

According to Target, it has been evaluating these ideas with the assistance of its advisers, including Goldman Sachs.

"We respect the spirit with which these ideas were presented, and will share our perspective with the financial community in the near future," Target chief executive officer and president Gregg Steinhafel said in a company news release.

"The Target board of directors and senior executive team take their fiduciary responsibilities seriously, and will continue to act in Target's and our shareholders' best interests."

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