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  • Profile

William A. Ackman

  • 13 Aug 2013
  • News

Bill Ackman Resigns From J.C. Penney Board

  • June 2009 (Revised January 2011)
  • Case

Target Corporation: Ackman versus the Board

By: Krishna G. Palepu, Suraj Srinivasan and James Weber
After 15 years of great performance, Target's faltering performance during an economic downturn led an activist shareholder to initiate a proxy fight. Target Corporation, the second largest discount store retailer in the U.S., had competed successfully against industry... View Details
Keywords: Financial Crisis; Investment Activism; Governing and Advisory Boards; Business and Shareholder Relations; Business Strategy; Value; Retail Industry
Related
  • 17 Aug 2013
  • News

Ackman Forcing Change at Air Products

  • October 2010
  • Teaching Note

Target Corporation: Ackman versus the Board (TN)

By: Krishna G. Palepu and Suraj Srinivasan
Teaching Note for 109010. View Details
Keywords: Business Strategy; Problems and Challenges; Governing and Advisory Boards; Conflict and Resolution; Voting; Investment Activism
Related
  • 07 Jun 2018
  • News

Bill Ackman on what it means to be an activist investor

  • June 2013 (Revised September 2015)
  • Case

Procter & Gamble

By: Jay W. Lorsch and Kathleen Durante

On July 12, 2012, Bill Ackman's Pershing Square Capital Management announced publicly that it had purchased about $2 billion of Procter and Gamble (P&G) stock. Shares in the company closed up 3.75% the day the disclosure was made public. Ackman told the New York... View Details

Keywords: Ackman; P＆G; Pershing Square Capital Managment; Disruption; Management Succession; Crisis Management; Acquisition; Consumer Products Industry; Financial Services Industry
Related
  • July 2021 (Revised December 2021)
  • Case

Pershing Square's Pandemic Trade (A)

By: Emil N. Siriwardane, Luis M. Viceira, Dean Xu and Lucas Baker
This case explores the decision that Bill Ackman, CEO and founder of the hedge fund Pershing Square Capital, was considering in late February 2020 about hedging the exposure of the fund’s portfolio from the potential financial fallout ensuing from an extreme event like... View Details
Keywords: Health Pandemics; Financial Liquidity; Cost Management; Decision Choices and Conditions; Risk Management
Related
  • October 2018
  • Case

The Proxy Fight at ADP

By: Robin Greenwood and E. Scott Mayfield
In July 2017, shares of Automatic Data Processing, Inc. (ADP) surged 12% following a report that the activist investor Bill Ackman had acquired a sizable stake in the company and planned to nominate his own slate of directors at the company’s annual meeting in... View Details
Related
  • September 2015 (Revised September 2017)
  • Case

Pershing Square 2.0

By: Robin Greenwood, Samuel Hanson and David Biery
In June 2015 William A. Ackman, the CEO and founder of New York hedge fund Pershing Square Capital, reflects on the success of the fund he has spent over a decade building. Since its inception in 2004, Pershing Square's assets under management had grown from $500... View Details
Keywords: Activism; Value Investing; Portfolio Management; Management; Investment Portfolio; Investment Activism
Related
  • 04 May 2017
  • News

The Error at the Heart of Corporate Leadership

  • January 2016 (Revised January 2019)
  • Supplement

The Allergan Board Under Fire (B)

By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details
Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; Tender Offer; Activist Investors; Business Models; R＆D; Board Of Directors; Securities Litigation; Acquisition Strategy; Takeover Defenses; Hedge Funds; Shareholder Rights; Proxy Contest; Shareholder Special Meetings; Legal Issues In Contested Takeovers; Corporate Governance; Investment Activism; Business and Stakeholder Relations; Business Model; Business and Shareholder Relations; Valuation; Pharmaceutical Industry
Related
  • January 2016 (Revised January 2019)
  • Case

The Allergan Board Under Fire (A)

By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details
Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; Tender Offer; Activist Investors; Business Models; R＆D; Board Of Directors; Securities Litigation; Acquisition Strategy; Takeover Defenses; Hedge Funds; Shareholder Rights; Proxy Contest; Shareholder Special Meetings; Legal Issues In Contested Takeovers; Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Management Teams; Business and Shareholder Relations; Pharmaceutical Industry
Related
  • 20 Nov 2014
  • News

When Activist Investors Aim at Strong Companies

  • May 2011 (Revised December 2011)
  • Case

Stuyvesant Town - Peter Cooper Village: America's Largest Foreclosure

By: Arthur I Segel, Gregory S. Feldman, James T. Liu and Elizabeth C. Williamson
In July 2010, William Ackman, the founder of Pershing Square, is considering a potential new opportunity: the acquisition of the distressed Stuyvesant Town and Peter Cooper Village ("ST /PCV") complex. The property had recently been abandoned by its owners and had come... View Details
Keywords: Property; Risk Management; Opportunities; Valuation; Insolvency and Bankruptcy; Investment; Outcome or Result; Acquisition; North and Central America
Related

    Canadian Pacific's Bid for Norfolk Southern (Railroads)

    Following weeks of speculation about a possible bid, Canadian Pacific (CP) made an unsolicited bid for Norfolk Southern (NS) on November 17, 2015. Norfolk Southern swiftly rejected the offer as well as a second offer made shortly thereafter.  Canadian Pacific then made... View Details
    • 04 Aug 2010
    • News

    A Lonely Crusader

    We’ve all read stories about those rare individuals who saw the financial crisis coming and profited handsomely from their contrarian insights. Add to that list of contrarians hedge fund manager Bill Ackman (MBA ’92), whose six-year... View Details
    Keywords: Roger Thompson; subprime mortgages; Finance; Real Estate
    • Web

    Founders & Investors - Entrepreneurship

    Ramon Blanco Board Member, etece.com MBA 1997 Load More Hüsnü Özyeğin Finansbank MBA 1969 William A. Ackman Pershing Square Capital Management MBA 1992 Arun Agarwal Infinio MBA 2011 Ethan Anderson MyTime MBA 2003 Gregory Backstrom Snap... View Details
    • Profile

    Claudia Hill

    Johnson case where we got to see both Ron Johnson (protagonist) and Bill Ackman (activist investor) speaking in the classroom. We needed popcorn in that class..! What is your favorite childhood memory? When I was 5 years old my dog... View Details
    • 01 Jun 2011
    • News

    HBS on Squawk Box

    CNBC’s morning business show broadcast live from the Baker Library | Bloomberg Center’s Stamps Reading Room on February 9, giving faculty and alumni an opportunity to air their views on investing and access to capital. Host Carl Quintanilla (right) and cohost... View Details