Ackman paying a hefty price at Target

Apr 07, 2008

A foray into discount retailer Target has been no bargain for hedge fund manager William Ackman.

The high-profile manager of Pershing Square Capital Management caught the market's eye in a big way last summer, when he announced that he had raised about $2 billion to funnel into the stock and options of Minneapolis-based Target (TGT, Fortune 500). Ackman's Pershing Square IV fund has since bought up nearly 10% of the company.

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