The pdf version of ackmans presentation can be found here. William ackman spelled out his plan on wednesday afternoon to increase the value of target. Bill ackman and his hedge fund, betting big the new york. Pershing square fran mcgill 212 909 2455 email protected rubenstein steve murray 212 843 8293 email protected eric kuo 212 843 8494 email protected. Target shareholders should examine ackmans previous activity. Ackman was raised in chappaqua, new york, the son of ronnie i. Financial guarantors are unique counterparties fthey dont put up capital. May 16, 2011 target has outlasted the notoriously bulldog investor bill ackman. Ackman foresees a big increase in the total value the stock market would attach to a slicedup target, as much as 74 percent by his reckoning. Mar 17, 2009 ackman urges target to spin off to shareholders a real estate investment trust that would own the land under its stores. Pershing square presents, in total, four candidates bill ackman and three. Jul 09, 2017 download bill ackman s presentation on ratings agencies. Michael francis, president, 22year veteran of target and most recently.
Description download bill ackmans presentation on ratings agencies comments. In august 20, ackman s twoyear campaign to transform the department store came to an abrupt end after he decided to step down from the board following an argument with fellow board members. Ackman says my bad on herbalife presentation bloomberg. Ackman proctor and gamble presentation business insider. Jul 23, 2014 pershing square bill ackman presentation on herbalife july 22nd 2014 herbalife stock price. Jun 14, 2011 at the recent ira sohn conference, pershing square capitals bill ackman presented family dollar fdo as his investment idea under the notion that it is a prime target for a leveraged buyout lbo. Tgt is going on the offensive against activist investor bill ackmans slate of director nominees. While weve presented notes from the hedge fund conference, today we present ackmans actual presentation powerpoint slides from the event. Report bill ackmans presentation on ratings agencies. Ackmans real estate investment trust plan for target, designed to unlock value in the land under target stores, and creative from a financial engineering perspective, got no support. Ackman, the principal of pershing square and its affiliates, is a director of jcp. Annual investor presentation pershing square holdings, ltd. Sep 07, 2019 william albert bill ackman born may 11, is an american investor, hedge fund manager, and philanthropist.
Bill ackmans herbalife presentation linkedin slideshare. In the source document where you want to create the link, choose tools edit pdf link add or edit, and drag a rectangle to specify a location for the link. Bill ackman and his hedge fund, betting big the new york times. Target criticizes ackmans board nominees seeking alpha. Grants fall 2018 presentation pershing square holdings, ltd. In november, ackman laid out his plan for target, pressuring the company to form a real estate investment trust to own the land under its stores and then to spin off a. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. Pershings investment in target 2 fpershing initiated its investment in target company in april 2007 fwe currently have beneficial ownership of slightly less than 10% of the company fsince may 2008, we have been discussing a potential transaction with target management fpershing has improved its initial transaction to address issues raised by the company. Target 20% unlevered irr, before tax synergies est. In a letter and presentation to shareholders this week, the company put into. Ackman versus the board xls file, target corporation. While weve presented notes from the hedge fund conference, today we present ackman s actual presentation powerpoint slides from the event.
Ackmans pershing square apparently dumped its investment in target stock sometime during the first quarter. It is possible that there will be developments in the future that cause pershing square to change its position regarding jcp. At the recent ira sohn conference, pershing square capitals bill ackman presented family dollar fdo as his investment idea under the notion that it is a prime target for a leveraged buyout lbo. Mar 16, 2009 in november, ackman laid out his plan for target, pressuring the company to form a real estate investment trust to own the land under its stores and then to spin off a 20. Page 1 this presentation and the information contained herein is not a recommendation or solicitation to buy, or hold, william a. Download bill ackmans presentation on ratings agencies. Filing under rule 425 under the securities act of 1933 and deemed filed under rule 14athe securities exchange act of 1934 filed by. Billionaire hedgefund manager bill ackman revealed his transformation plan for adp on thursday to more than double the companys stock price in an epic 167 slide presentation adps profit.
Pershing square bill ackman herbalife presentation 2014 full. Target corporation issues statement regarding announcement. So here is targets tgt response ti bill ackmans proposal yesterday. Target shareholders should examine ackmans previous.
Oct 30, 2008 bill ackmans presentation on target corporation bill ackman of pershing square capital managements proposal. Ackman, the principal of pershing square and its affiliates, is a director of. Employees at the store were told to spruce up the aisles and to be particularly courteous, said one store employee, who declined to be identified. Bill ackmans herbalife presentation business insider. A detailed analysis of spvs, cdos, and accounting and reserving policies at mbia, inc. William albert bill ackman born may 11, is an american investor, hedge fund manager, and philanthropist.
This stock represents a substantial portion of ackmans portfolio 31. In his presentation and numerous interviews with the business media that day, ackman declared a target price of zero for hlfs shares. Its time to get off our fannie ira sohn conference may 5, 2014 pershing square capital management, l. Ullman had run penney since that happened to make it that much easier to ax people, because all decisionmaking was up to the boss and there was no ackmna to consult any performanceassessment data. Bill ackman procter and gamble presentation pdf bill ackman believes that proctor and gamble nyse. Bill ackmans presentation on family dollar fdo market folly. Others feared the bet itself, which at one point totaled 10 percent of. Ackman says the proposal would unlock the value of targets real estate. Pershing square bill ackman presentation on herbalife july 22nd 2014 herbalife stock price. At the grants interest rate observer conference, bill ackman of pershing square unveiled a new long position. Ackman urges target to spin off to shareholders a real estate investment trust that would own the land under its stores. Pershing square recognizes that there may be nonpublic. In addition to commenting on his highprofile current investments, pershing square capitals bill ackman in a recent interview with value.
Disclaimer the analyses and conclusions of pershing square capital management, l. Oct 30, 2008 ackman foresees a big increase in the total value the stock market would attach to a slicedup target, as much as 74 percent by his reckoning. This presentation and the information contained herein is not a. Target has outlasted the notoriously bulldog investor bill ackman. Bill ackmans presentation on target corporation bill ackman of pershing square capital managements proposal for target tgt to spin off its real estate holdings. The analyses and conclusions of pershing square capital management, l. Bill ackman is the ceo and portfolio manager of pershing square capital management l. Oct 29, 2008 target would lease the land back for 75 years under his plan. Target corporation issues statement regarding announcement by. So far at target, ackman has been far less confrontational. Title slide of bill ackmans herbalife presentation slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. View our presentations on pershing square capital managements proxy to implement board seat changes and maximize adps potential.
Aug 21, 2017 ackman and his team did present a series of opportunities for adp in which the company can boost revenue and gain market share while simultaneously improving its profitability, bairds mark marcon. Bill ackman on what makes a great investment by john heins march 12, 20 advisor perspectives welcomes guest contributions. Pershing square recognizes that there may be nonpublic information in the possession of the companies discussed in this presentation that could lead. Basically, ackman believes the company is underearning relative to its.
Ackman versus the board case study solution, after 15 years of operation, faltering performance target during the economic downturn has led activist shareholder to initiate a proxy fight. Ackman, the manager of the hedge fund pershing square capital management, said that creating a real estate investment trust for target would enable it to unlock the value of its land holdings and minimize taxes. The views presented here do not necessarily represent those of advisor perspectives. Bill ackman says his transformation plan for adp will. Ackman, whose fund owns roughly 10 percent of targets shares, asserted that the transaction would reduce the companys need to raise capital as the economy weakens. Bill ackmans greatest hits and misses investopedia. Pdf of peter bevelin interviews 2007 and 2009 with value investing world. He is jewish in 1988, he received a bachelor of arts degree magna cum laude in the committee on degrees in social studies from harvard college. Bill ackman throws in the towel on target deal journal wsj. Bill ackman says his transformation plan for adp will more. Ackman wants target to put land in reit and spin it off. Ackman to listen to his presentation of his initial tip reit proposal. Pershing square manages funds that are in the business of trading buying and selling securities and financial instruments. General growth properties ggp is the worlds second largest owner and operator of shopping malls ticker.
Mar 16, 2009 the nominating committee of targets board of directors recently met with and considered bill ackman, and one other individual suggested by pershing square, for election to the target board. Its time to get off our fannie the wall street journal. The nominating committee of targets board of directors recently met with and considered bill ackman, and one other individual suggested by pershing square, for. If you continue browsing the site, you agree to the use of cookies on this website.
Ackman versus the board case study solution, target corporation. Opinion is mixed on whether his activism makes companies stronger or merely. Bill ackman portfolio strategy top 10 stocks youtube. In recent months, pershing square founder bill ackman has been increasing pressure on target corp. Tgt confirmed today that pershing square has asked the company to consider the spinoff of a separate publiclytraded real estate investment trust reit that would own substantially all of the land currently owned by target. Bill ackman has just released another massive presentation on herbalifethe stock hes shorting to zero. Bill ackmans presentation on target corporation bill ackman of pershing square capital managements proposal. Bill ackmans presentation on family dollar fdo market. In the create link dialog box, set the link appearance, select go to a page view, and then click next. Ackman and his team did present a series of opportunities for adp in which the company can boost revenue and gain market share while simultaneously.
Tgt or the company, attempting to supplant certain board members. Pershing square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. Pershing square recognizes that there may be nonpublic information in the possession of the companies discussed in this presentation that could lead these companies and others to disagree with pershing squares analyses, conclusions and opinions. May 28, 2009 target corp shareholders dealt a blow to activist investor william ackman on thursday, rejecting his slate of proposed directors and voting instead to keep four incumbents on the retailers board. In the target document, in the destinations panel, doubleclick the destination. Sbux has generated an annualized tsr of 26% over the last ten years. Ebit margin of 9% versus managements mediumterm target of 12% and home. Pershing square contained in this presentation are based on publicly available information. The information contained in this presentation the information is based on publicly available information about target corporation target. Aug 17, 2017 billionaire hedgefund manager bill ackman revealed his transformation plan for adp on thursday to more than double the companys stock price in an epic 167 slide presentation adps profit. Ackman also paid a visit to target s headquarters just before christmas, which included a tour of the downtown target store.
Pdf bill ackmans presentation on ratings agencies free. Pershing square bill ackman herbalife presentation 2014. They simply sign their name fone of few counterparties in derivatives market not required to post collateral on decline in value of contract fonly counterparties not required to post collateral even in the event of a downgrade in their credit rating. This presentation contains information and analyses relating to all of the publicly disclosed positions. That would include a payday of several billion dollars for mr. Ackman wants target to put land in reit and spin it off the. His highflying hedge fund, pershing square holdings, ltd.
Ackman cofounded gotham partners management, an investment fund that managed public and. Bill ackmans big herbalife reveal bombs with investors. Ackman, target practice art of proxy war the rhetoric is getting more inflammatory and more personal as the company and one of its major shareholders fight for control of the board of directors. Target officials confirmed that ackman had meetings with target executives. All trademarks included in this presentation are the property of their. Why i made it a 35% position after the bill ackman bear. Annual update presentation pershing square capital. Apd has reduced leverage to its 2x debt ebitda target and will. Annual update presentation pershing square capital management. May 28, 2009 in recent months, pershing square founder bill ackman has been increasing pressure on target corp. May 08, 2017 the analyses and conclusions of pershing square capital management, l.
By going public with our presentation in advance of targets decision regarding the transaction, shareholders and the investment community. Ackman versus the board case solution,target corporation. At a public presentation to investors in new york, mr. Ackman versus the board case analysis, target corporation.
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