William Ackman, the man behind Pershing Square‘s activist battle with Target (TGT), appeared on CNBC this morning and did a reasonably good job at explaining his reasons for his challenge to the company.
He did make some compelling arguments regarding the lackluster backgrounds of some of the existing board members and management’s own non-history of stock purchasing, but overall, I don’t know if he was convincing enough to get other institutions to vote against management of TGT.
Ackman attempted to clear up his real estate strategy, which he felt Barron’s mischaracterized and he also tried to make the story about activism in general, wrapping himself in the governance flag.
His motives here are probably what he claims they are, but I just don’t believe he’s made he case for urgency to his fellow shareholders on this one.
I stand by my earlier prediction of Ackman’s acquiescence.
See my earlier commentary on this issue here:
Full Disclosure: I have no short or long positions in TGT.