Target's Potential Sale of Half of Credit Card Business = Victory for Ackman
posted on: March 13, 2008
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This looks like another activist victory for Bill Ackman.
It is being reported that Target (TGT) is currently in talks to sell 1/2 it credit card business. Details are not forthcoming at this time. The sale is expected to net $4 billion which could repurchase almost 10% of outstanding shares at today's prices.The move is a good one considering the deterioration in quality of the portfolio and will enable the company to repurchase shares to keep EPS growing to satisfy investors, even if the actual net income line does not grow that fast.
Disclosure: No position.
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