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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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      "text": "Target does not need access to the capital markets to consummate this Transaction",
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      "text": "The Transaction is structured as a spin-off where each current shareholder will receive pro rata shares in TIP REIT",
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      "text": "Given the global credit markets today, the only strategic transactions that can take place are those that do not require access to capital: Spin-offs, Stock-for-stock mergers / acquisitions, Acquisitions by cash-rich acquirors",
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