MINNEAPOLIS, Oct 28, 2008 (BUSINESS WIRE) -- Target Corporation (NYSE:TGT) confirmed today that since May 2008
Pershing Square has shared various ideas for an alternative ownership
structure related to Target real estate. Target has been evaluating
these ideas with the assistance of outside advisors, including Goldman
Sachs. While the company has not yet reached a conclusion regarding the
merits of these ideas, our analysis raises serious concerns on a number
of important issues, which we have shared with Pershing Square.
"Target has a strong record of engagement and
open dialogue with shareholders over many years,"
said Gregg Steinhafel, chief executive officer and president of Target
Corporation. "We respect the spirit with which
these ideas were presented, and will share our perspective with the
financial community in the near future. The Target Board of Directors
and senior executive team take their fiduciary responsibilities
seriously, and will continue to act in Target's
and our shareholders' best interests."
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 1,684 Target stores in 48 states.
Target Corporation news releases are available at www.target.com.
SOURCE: Target Corporation
Lena Michaud (media)