Activist Presses Target For New Board

Since Target rejected Pershing Square's proposal to separate its stores and distribution centers from the land it owns underneath, Ackman has tried to shake up the board.

Target has been fighting back, asking shareholders to vote against Ackman's picks and saying shareholders are best served by re-electing the four current directors whose terms are expiring.

This year's annual meeting is set for May 28.

"We believe that the real reason that Pershing Square launched this proxy fight is because Target did not agree with Pershing Square's risky real estate agenda," Target said in a statement Monday. "We believe that the four incumbent directors up for election are better qualified to serve the interests of shareholders than Pershing Square's nominees. ... Each has a made a significant contribution to our strategy and is integral to driving strong performance over time."

Target's shares didn't move much Monday, when they slipped $1.06, or 2.4 percent, to close at $42.73 Monday.