Target, Pershing discuss board representation

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Pershing Square Capital Management LP is in discussions with Target Corp. regarding board representation, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The shareholder has in the past and may in the future discuss Target's business and operations with advisors, other shareholders or relevant parties, the filing said.

In October, Pershing suggested that Target spin off Target Inflation Protected Real Estate Investment Trust, a land-only and facilities services real estate investment trust that would include substantially all of Target's owned land, it was previously reported.

Target rejected Pershing's proposal.

Pershing beneficially owns 58,390,835 shares, or 7.8%, of the Minneapolis-based retailer's outstanding stock.

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