Ahead Of The Bell: Pershing-Target

Pershing Square has also nominated Winthrop Realty Trust Chairman and CEO Michael Ashner, former Starbucks Corp. CEO Jim Donald, law professor Ronald Gilson, and former chairman and CEO of First USA, Richard Vague. Ackman says this slate will bolster the board's expertise in retail, credit cards and real estate issues. In the filing, Ackman said the nominees are "entirely independent" and have "no preconceived agenda other than to maximize shareholder value."

Target has asked its shareholders to vote against Ackman's picks and support its own board of incumbents. Target says its shareholders are best served by re-electing the four current directors whose terms expire at this year's annual meeting, set for May 28.

Ackman has long been pushing Target to do more with its assets as part of his efforts to boost the company's stock, which has fallen 39 percent from its high of about $70 in July 2007. But since Target rejected Pershing Square's real estate proposal to separate the land the retailer owns underneath its stores and distribution centers, Ackman has turned his focus to shaking up the board. Investors may be open for change as Target's shares have fallen 55 percent from September 2008 to March, though the stock has started to rally somewhat to about $43 since Ackman has escalated his campaign for changing the board.