We haven’t heard the last of Bill Ackman. The Target investor has been trying to persuade the retailer to spin off its real estate into a separate company, which would then lease the land back to Target. The company publicly rejected the pitch last week as “highly speculative.” Unsatisfied, Ackman said Monday he’ll be back: “We intend to pursue the matter in the new year, after the holiday season.”
Meanwhile, Ackman’s Pershing Square Fund has purchased a 12 percent position in General Growth Properties, investment blogger Todd Sullivan notes. The struggling mall operator was reportedly on the brink of bankruptcy. It owns Ridgedale, Knollwood Mall and Eden Prairie Center, among others in Minnesota. Sullivan wonders if the deal’s timing is a coincidence: “This is going to be good…”
3M has wrapped up a deal to acquire the Futuro line of braces and elastic bandages. The product line is a subsidiary of Beiersdorf in Wilton, Conn. Its Futuro unit includes about 100 employees in Wilton and Mariemont, Ohio, the Associated Press reports. 3M did not say whether there would be staffing changes, nor did it release financial details of the purchase.
Digital River’s growth plans are being pooled up behind an economic dam, Finance & Commerce reports. The e-commerce company had high expectations for 2009, planning a big push into gaming and consumer electronics. The drop in consumer spending has thrown those plans into question, thought. Digital River missed revenue targets in the third quarter and recently lowered its fourth-quarter outlook.
Do you have an inside scoop or news tip about a Minnesota company? Spotted something interesting in your RSS reader? Drop Business Agenda a note at dhaugen [at] minnpost [dot] com.