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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "A <20% IPO of TIP REIT would have several important advantages",
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      "text": "Immediate value creation for Target shareholders; Force a market revaluation of Target; Enable investors to value Target based on a sum-of-the-parts basis, using the public valuation of TIP REIT",
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      "text": "<20% IPO is a tax-free transaction",
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      "text": "Preserves an “unwind” mechanism in the form of a buyback of the public minority stake of TIP REIT",
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