Pershing Square Capital Walks Away From Target (TGT) Deal, Investors Applaud
Pershing Square Capital is walking away from its idea of creating a REIT tied to locations owned by retailer Target (TGT). The capital markets may just be too horrible. Whatever the reason, the market is trading Target up big. Shares…
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Pershing Square Capital is walking away from its idea of creating a REIT tied to locations owned by retailer Target (TGT). The capital markets may just be too horrible.
Whatever the reason, the market is trading Target up big. Shares have risen 11% to $31.24.
On October 29, 2008, Pershing Square outlined a potential transaction in which Target would spin-off what it termed "Target Inflation Protected Real Estate Investment Trust" or TIP REIT, a land-only and facilities services real estate investment trust that would include substantially all of Target’s owned land.
Target management never liked the idea. Now, it looks like they won’t have to put up a fight.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
