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Ackman to seek activist stake in undisclosed U.S. company, Bloomberg says

Bill Ackman’s Pershing Square Capital Management is raising up to $1B to acquire a greater than 5% stake in an undisclosed, large cap, investment-grade U.S. corporation that principally operates in one business, according to a letter sent to investors, reported Bloomberg. The report noted that Pershing's most recent single-stock fund was for an investment made in Target (TGT) and The Fly notes that Ackman has a notable ongoing long position in J.C. Penney (JCP) and a well-publicized short position in Herbalife (HLF).