Target Urges Shareholders To Reject Board Picks

SARAH SKIDMORE

PORTLAND, Ore. (AP) — Target Corp. on Thursday once again urged its shareholders to vote against hedge fund leader William Ackman's slate of nominees for its board, saying his attempts to change the company's leadership and direction are misguided and motivated by a risky short-term agenda.

Target says its shareholders would be best served by re-electing the four current directors whose terms expire at this year's annual meeting. Ackman, who runs the hedge fund Pershing Square Capital Management, which owns nearly 8 percent of the company's outstanding stock, says Target's board needs fresh perspective to make the retailer more profitable.

The fight has intensified as the meeting, set May 28, approaches. ...