Target Faces Proxy Battle With Ackman

Updated from 12:36 p.m. EDT

Target (TGT Quote) is set to face activist hedge fund manager William Ackman in a proxy fight for control of five spots on the retailer's board of directors.

Ackman, the founder and chief executive of Pershing Square Capital Management, offered five nominees for board seats that will come up for election at Target's annual shareholder meeting. If elected, Pershing Square's nominees will hold five of the 13 seats on Target's board.

Pershing Square Capital is Target's third-largest investor, with beneficial ownership of approximately 7.8% of its outstanding common stock, through shares and options. Ackman has long argued that Target's stock is undervalued and has sought to unlock shareholder value. ...