Target rejects Pershing's real estate proposal - Minneapolis / St. Paul Business Journal:

http://www.adcangola.org/2010/04/communications-in-iran/
After completing a comprehensive reviewof Pershing’s proposal, Minneapolis-baser Target has decided not to pursue the mattef further. The review was conductefd by membersof Target’s management, its boarcd of directors and outside advisers, including Goldmahn Sachs. “The company has concluded that the potentia lvalue created, if any, is highly speculative and insufficienr to merit pursuit of a transaction given the costs, strategic and operatinb risks and loss of financial flexibility related to executinv the proposed transaction,” Target said in a “These concerns are heightened in the current economif environment.
” Pershing, which is controllex by activist investor William suggested Target spin off land occupieds by its stores into a real estatr investment trust. Ackman the move would bolsted Target’s stock price and increase overal lshareholder value. In a statement, Target Presidentr and CEO Gregg Steinhafel said the company hasa “stronv record of engagement and open dialogue with and held numerous meetings with Ackman to discusss his proposal. “We gave these ideas a full andcompletee review,” Steinhafel said.
“ … Target does not share Pershingy Square’s perspective that execution of this proposed transactionh will generate measurable shareholder valuer over time and believesthe risks, particularl in light of the serious challenges facing our retail and credir card segments in 2008 and 2009, are significant.”