Target Asks Shareholders To Support Board Slate

MINNEAPOLIS (AP) — Retail giant Target Corp. asked its shareholders on Monday to vote against the board candidates nominated by activist shareholder William Ackman and to support its own board slate.

Target said its board believes that the retailer's shareholders will be best served by re-electing the four current directors whose terms expire at this year's annual meeting.

In a proxy statement filed with the Securities and Exchange Commission on Monday, Ackman argued that his candidates will bolster the board's expertise in retail, credit cards and real estate issues.

"We also think it is essential that major owners are represented on a board so that the shareholder's voice is adequately heard," he added.

Ackman also invited shareholders to attend a town hall meeting on May 11 to question the proposed board slate.

Ackman's Pershing Square Capital Management hedge fund holds a 7.8 percent stake in the Minneapolis-based company's stock. Target reported a 41 percent drop in fourth-quarter profit in February, and has trailed behind rival Wal-Mart Stores Inc., as consumers have turned away from its inventory of nonessential items like funky jeans and home decor.