Pershing Square Capital Management, L.P. announced today that it will host a public presentation on Wednesday, October 29, 2008 where it will detail a potential transaction that Pershing Square believes will build long-term value for Target Corporation (NYSE: TGT) and all of its stakeholders. All parties are welcome to attend the presentation, which will be of particular interest to investors and analysts focused on retail, real estate, fixed income and credit.
Pershing Square is a long-term investor in Target. Since acquiring its initial stake in April 2007, Pershing Square has beneficially acquired slightly less than 10% of the company's outstanding common stock.
Target's thoughtful and constructive approach with shareholders has been instrumental to Pershing Square's work in developing a potential transaction.
Pershing Square believes that the insights gained by sharing the potential transaction in a public forum will benefit Target and all of its stakeholders.
The presentation will be based solely on publicly available information, as well as assumptions, estimates and projections of Pershing Square.
Due to limited available seating, attendees are encouraged to register in advance at http://www.visualwebcaster.com/pstgt, but may also do so at the event beginning at 12:30 PM.
Date: Wednesday, October 29, 2008
Time: Registration: 12:30 PM Presentation: 1:30 PM
Place: The AXA Equitable Auditorium
787 Seventh Avenue (between 51st and 52nd Streets)
New York, NY 10019
A live webcast of the presentation will be available at http://www.visualwebcaster.com/pstgt.
A live audio broadcast of the presentation will be available by teleconference. The teleconference can be accessed in the United States by dialing 1-866-682-9100 (internationally by dialing +1-201-499-0417), with the participant access code of 2629412.
Written materials describing the potential transaction will be made available at http://www.visualwebcaster.com/pstgt following the presentation.
About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P., based in New York City, is a SEC registered investment advisor to private investment funds. Pershing Square manages funds that are in the business of trading - buying and selling
- securities and other financial instruments. Funds managed by Pershing Square have long positions in stock, options and other financial instruments tied to the performance of Target Corporation's stock. Pershing Square has and in the future may increase, decrease, dispose of, or change the form of its investment in Target Corporation for any or no reason.
CONTACT:
Jeremy Robinson-Leon
Tel.: +1-212-784-5702 (O)
Tel.: +1-978-621-2569 (C)
E-mail: Jeremy@groupgordon.com
Julie Wood
Tel.: +1-212-260-8813 (O)
Tel.: +1-917-282-5840 (C)
E-mail: Jwood@globalstrategygroup.com
Web site: http://www.visualwebcaster.com/pstgt
Source: Pershing Square Capital Management, L.P.
Contact: Jeremy Robinson-Leon, tel.: +1-212-784-5702 (O), tel.: +1-978-621-2569 (C), e-mail: Jeremy@groupgordon.com; or Julie Wood, tel.: +1-212-260-8813 (O), tel.: +1-917-282-5840 (C), e-mail: Jwood@globalstrategygroup.com, both for Pershing Square Capital Management, L.P.