MINNEAPOLIS--(BUSINESS WIRE)--May. 22, 2009--
Target Corporation (NYSE:TGT) today issued the following statement in
response to Pershing Square’s continued discussion of Target’s corporate
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
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
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.
Shareholders who have questions about voting or the matters to be voted
upon at the Annual Meeting are encouraged to call MacKenzie Partners,
Inc. at 800-322-2885 Toll-Free or Georgeson at 866-295-8105 Toll-Free.
As previously announced, Target’s 2009 Annual Meeting of Shareholders
will be held at 1:00 p.m., Central Daylight Time, on Thursday, May 28,
2009 at the Target Store located at 1250 West Sunset Drive, Waukesha,
Target Corporation's retail segment includes large general merchandise
and food discount stores and Target.com, a fully integrated on-line
business. In addition, the company operates a credit card segment that
offers branded proprietary and Visa credit card products. The company
currently operates 1,698 Target stores in 49 states. Target Corporation
news releases are available at www.target.com.
Target, its directors, and certain of its officers and other employees
are participants in the solicitation of proxies from Target’s
shareholders in connection with Target’s 2009 Annual Meeting. Important
information concerning the identity and interests of these persons is
available in the proxy statement that Target filed with the SEC on April
21, 2009 and the Schedule 14A that Target filed with the SEC on May 7,
Target has filed a definitive proxy statement in connection with its
2009 Annual Meeting. The definitive proxy statement, any other relevant
documents, and other materials filed with the SEC concerning Target are
available free of charge at http://www.sec.gov
Shareholders should read carefully the definitive proxy statement and
the accompanying WHITE proxy card before making any voting
Source: Target Corporation
John Hulbert, 612-761-6627
Joele Frank / Tim Lynch
Frank, Wilkinson Brimmer Katcher