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Activist investor sells off part of Target ownership stake

Activist investor William Ackman will have a little less leverage, should he choose to mount another challenge to Target‘s board of directors.

Ackman’s Pershing Square Capital Management said in an SEC filing today that it’s cut its ownership stake in the company from 7.8 percent to 4.4 percent since May 26, the Wall Street Journal reports.

Ackman has clashed with the company over credit-card and real-estate matters and recently waged an unsuccessful campaign to elect himself and four allies to Target’s board of directors.

Comments (1)

  1. Submitted by Richard Schulze on 08/11/2009 - 11:35 am.

    No surprise here.. Mr. Ackman needed the REIT to turn his billion dollar loss into a profit. As that is clearly not going to happen, it would appear it’s be time to move on.

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