Pershing Square Responds to Target's (TGT) Objection to Universal Ballot Proposal
More News related to TGT
- Top 10 News Items 11/02-11/06: Unemployment Rate Now Over 10%, Fed to Keep Rates 'Exceptionally Low' for 'Extended Period', Buffett Does the Biggest Deal of His Life
- Target Unwraps New Price Cuts on Holiday Toys
- Target.com to Offer Select DVDs at $10
- Business Wire Retail Report on October 2009 Retail Sales Figures
- Target (TGT) Reports 0.1% Drop in October Comps
Pershing Square Capital Management, L.P., and Professor Ronald J. Gilson, who has been nominated by Pershing Square to serve as an independent director of Target Corporation (NYSE: TGT), expressed disappointment with Target's response to Professor Gilson's letter seeking the use of a universal proxy card, naming both Target's and Pershing Square's nominees, for use in connection with Target's upcoming Annual Meeting of Shareholders.
"Rather than causing confusion, the proposal would eliminate confusion by giving shareholders something they would otherwise lack -- the simple chance to choose the best among all of the candidates, rather than between two slates of candidates," commented Professor Gilson. Pershing Square believes that the adoption by both Target and Pershing Square of a universal proxy card would reflect best-in-class corporate governance, and would result in the most qualified directors being elected, regardless of which proxy card a shareholder returned.
On the universal proxy card proposal, Bill Ackman of Pershing Square said, "it's important for shareholders to have a choice so that they can vote for whichever candidates they prefer, regardless of which proxy card they submit. Pershing Square wants to provide shareholders with that freedom of choice. We are hoping Target will as well."
Because proxy cards have not yet been mailed, and because new proxy cards are easy to print from the company's or Pershing Square's website, Pershing Square does not believe that adopting a universal proxy card would add any material expense to the proxy contest. Pershing Square also noted that it would be willing to bear the additional printing costs of the universal proxy cards.
Furthermore, Target's public explanation for its refusal to use a universal proxy card does not address why Target would not permit its nominees to be named on Pershing Square's Gold proxy card. Indeed, based on the timing of Target's public response, Pershing Square questions how the matter could have been raised with its Board of Directors and whether Target's nominees were given the opportunity to consent to being named on a universal proxy card or Pershing Square's Gold proxy card.
Pershing Square requests Target's nominees for permission to be included on the Gold proxy card in the event that the company will not consent to a universal proxy card.
Related Categories
Corporate NewsStocks Mentioned
+0.00Related Entities
Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Target Director options
Bill Goepferd on Apr 29, 2009 08:26 PMIf Bill Ackman doesn't like the job that the current directors are doing, he should sell his shares and move on to a company that he supports. I doubt if Bill A. has even shopped in a Target store. I bet he doesn't buy his wardrobe there or his vitamin pills. Move on, Bill