The Target (TGT), Pershing Square Battle Continues
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Target Corporation (NYSE: TGT) issued the following statement in response to Pershing Square's continued discussion of Target's corporate governance practices:
Strong corporate governance is something that Target believes is important and has always taken pride in. Target believes it has robust and industry leading corporate governance guidelines. Earlier today Pershing Square mischaracterized Target's governance practices.
As previously stated, we are surprised that Mr. Ackman and Professor Gilson apparently did not read Target's entire corporate governance guidelines. Had they done so, they would have found that the guideline that applies to Mr. Trujillo and Ms. Mulcahy is guideline 22, not guideline 21.
Target's Corporate Governance Guidelines can be found at: http://investors.target.com/phoenix.zhtml?c=65828&p=irol-govGuidelines.
Target continues to urge its shareholders to use their WHITE proxy card to vote FOR all four of Target's nominees - Mary N. Dillon, Richard M. Kovacevich, George W. Tamke, and Solomon D. Trujillo - to the Board of Directors and FOR the proposal to set the size of the Target Board at 12. Target urges shareholders not to return any proxy card sent to them by Pershing Square.
The Company asks that shareholders please vote by telephone or Internet, or by signing, dating and mailing the WHITE proxy card. Even if shareholders have already voted using the dissident proxy card, they have the right to change their vote simply by executing and submitting the WHITE proxy card, as only the last dated proxy card will count.
Target would like to thank all the shareholders who have voted for the Board nominees, including those who have publicly announced their support or privately expressed their intent to vote for all four of the Target directors standing for election at the 2009 Annual Meeting.
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