Yes, as he promised, Pershing Square's principal Bill Ackman did explain his plan to improve the value of the equity of Target Corp. today.
He said that the company should spin off a separate entity that will own the land on which its stores are built, then lease the land from its corporate offspring for a period of 75 years.
Target responded non-committally. It is reviewing the plan, but it has "serious concerns on a number of important issues."
It sounds like sleight-of-hand to me, but I'll give myself three days to mull it over. Catch you folks here Sunday.
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