Target opposed to shareholder's slate of director nominees for election on May 28

By Lisa Kerner

Charlotte, N.C., March 16 - Target Corp. said it was disappointed that shareholder William Ackman, founder and chief executive officer of Pershing Square Capital Management LP, plans to pursue a costly proxy contest by nominating five director nominees for election to the company's board at Target's 2009 annual meeting on May 28.

According to Target, it will nominate for re-election all four of the current directors whose terms expire at the meeting:

• Mary N. Dillon, executive vice president and global chief marketing officer, McDonald's Corp.;

• Richard M. Kovacevich, chairman, Wells Fargo & Co.;

• George W. Tamke, partner, Clayton, Dubilier & Rice, Inc.; and

• Solomon D. Trujillo, CEO, Telstra Corp. Ltd.

Target's nominating committee considered Ackman and one other individual suggested by Pershing Square but did not recommend they be added to the board, the company said.

Pershing Square discussed board representation with Target in February.

As previously reported, Target rejected Pershing Square's proposal that the Minneapolis-based retailer spin off Target Inflation Protected Real Estate Investment Trust, a land-only and facilities services real estate investment trust that would include substantially all of Target's owned land.

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