MINNEAPOLIS--(BUSINESS WIRE)--Apr. 21, 2009--
Target Corporation (NYSE:TGT) today commented on the letter from
Pershing Square nominee, Professor Ronald J. Gilson, that Pershing
Square filed with the Securities and Exchange Commission (“SEC”). In the
letter, Professor Gilson references possible future SEC changes to the
federal proxy rules and proposes the use of a universal proxy card by
Target and Pershing Square. Pershing Square has initiated a proxy
contest to elect its own nominees, including Professor Gilson, to
Target’s Board of Directors.
The company said, “We believe Professor Gilson’s proposal, coming at
this stage of the proxy contest, would cause delay and confusion.
Shareholders have a clear choice between our independent nominees on our
WHITE proxy card and Bill Ackman's slate on Pershing Square's gold proxy
card. We note, as does Professor Gilson, that the SEC may be considering
a proxy access proposal. Any such proposal should be allowed to proceed
on an appropriate timetable allowing for careful review and
consideration by the SEC of a number of issues, including whether proxy
access should be available to an entity, like Pershing Square, which has
initiated its own proxy contest. In the meantime, the current proxy
rules provide a framework for the conduct of the proxy voting process
that is perfectly adequate for resolving the issues that Pershing Square
“With Target’s Annual Meeting only five weeks away, we believe our
shareholders clearly understand the choice between our independent
directors and the Pershing Square slate. We will be mailing our proxy
materials shortly and encourage our shareholders to use our WHITE proxy
card to support the reelection of the directors nominated by our Board.”
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.
The company will hold the 2009 Annual Meeting of Shareholders on
Thursday, May 28, 2009. Target will be distributing proxy materials to
shareholders of record as of March 30, 2009.
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 1,699 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 preliminary proxy statement Target filed with the SEC
on April 20, 2009.
Target will file 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
(or will be, when filed) available free of charge at http://www.sec.gov
Shareholders should read carefully the definitive proxy statement and
the accompanying WHITE proxy card when they become available before
making any voting decision.
Source: Target Corporation
John Hulbert, 612-761-6627
Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch, 212-355-4449