Thursday, May 28, 2009

Target, Ackman battle comes to vote in Wisconsin

Waukesha, Wisconsin (Reuters) – One of the season's highest-profile proxy battles is being put to a vote on Thursday as activist investor William Ackman and Target Corp (TGT.N) face off at the retailer's annual meeting.

In an increasingly heated proxy contest, Ackman is seeking enough shareholder votes to win five seats on the retailer's board, while Target is running a slate of four incumbent directors.

Shareholders will also have to vote on the size of the board -- Target wants to set it at 12, while Ackman claims it should be 13.

Ackman, whose Pershing Square Capital Management has a 7.8 percent stake in the retailer, launched his proxy contest in March after Target rejected his proposal to spin off the land under its stores into a real estate investment trust to boost its stock price.

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