Activist Investor Reveals Target Stake, Pledges Charity

Activist investor William Ackman on Monday disclosed a 9.6% ownership stake in Target Corp. here, adding that while he intends to discuss the “undervalued” stock with the retailer, he also pledged to earmark one-third of any profits the investment makes to a charitable foundation associated with his Pershing Square Capital Management firm.

MINNEAPOLIS — Activist investor William Ackman on Monday disclosed a 9.6% ownership stake in Target Corp. here, adding that while he intends to discuss the “undervalued” stock with the retailer, he also pledged to earmark one-third of any profits the investment makes to a charitable foundation associated with his Pershing Square Capital Management firm. Pershing Square spent nearly $2 billion buying stock and stock options of Target, the firm said in documents filed Monday. Target “is a leadi

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