Pershing Square Capital Walks Away From Target (TGT) Deal, Investors Applaud
November 24, 2008 by Douglas A. McIntyre
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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