News Release| Target Corporation Issues Open Letter to Shareholders | MINNEAPOLIS--(BUSINESS WIRE)--May. 19, 2009--
Target Corporation (NYSE:TGT) announced today that it has issued an open
letter to shareholders in connection with the Company's 2009 Annual
Meeting of Shareholders to be held on May 28, 2009.
Following is the text of the letter from Gregg Steinhafel, Target’s
Chairman, President and Chief Executive Officer, speaking on behalf of
Target’s Board:
|
|
|
|
|
|
|
|
|
May 19, 2009
|
|
|
|
|
|
|
Dear Fellow Shareholder:
|
|
|
|
|
|
|
As Target’s Annual Meeting on May 28, 2009 approaches, Pershing
Square is now taking the unusual position that it is supportive of
Target's management, but that the Board that selected Target’s
management team and established and oversees the company's strategy
is flawed and needs change.
|
|
|
|
|
|
|
Target has a long-term and well-established track record of
delivering profitable growth and strong returns to its shareholders.
Your company is recognized as a best-in-class retailer, with a
strong balance sheet and numerous devoted and talented team members.
Time and again Target has taken thoughtful and decisive action to
evolve and remain relevant in a changing environment.
|
|
|
|
|
|
|
We believe the Target Board consists of some of the most notable
leaders in the business community with reputations for good
judgment, integrity and financial and operational acumen. Target’s
Board includes a diverse group of leaders, including six new members
since 2002, who have been selected in a careful process designed to
support the long-term growth of the company.
|
|
|
|
|
|
|
Any attempt to try to separate the Target Board from the continuing
success of Target is simply not credible. We believe that Target’s
Board has provided Target with the framework for its success – both
past and future.
|
|
|
|
|
|
|
It is not surprising that, given what we believe is a general lack
of support for Pershing Square’s financial engineering, Pershing
Square is now focusing on other arguments. We believe that the facts
clearly speak for themselves regarding the relative merits of the
director candidates on the respective slates, notwithstanding
Pershing Square’s attempt to find “holes” in the Target Board. This
Board, together with management, is a team that has helped create
one of the most outstanding companies in America, which is
delivering even in this economic environment. In fact, we believe
that Mr. Ackman shared this view, until the Board rejected his REIT
proposal.
|
|
|
|
|
|
|
You have the opportunity to support the Target team that has
delivered for shareholders by voting now for Target’s independent
nominees by signing, dating, and returning the WHITE proxy card in
the postage paid envelope provided or by voting by telephone or
Internet using the instructions provided on the WHITE card. Please
discard any gold proxy cards you receive from Pershing Square and
vote the WHITE proxy card today.
|
|
|
|
|
|
|
If you have any questions, please contact MacKenzie Partners, Inc.
or Georgeson, which are assisting us in connection with this year’s
Annual Meeting, at 800-322-2885 or at 866-295-8105.
|
|
|
|
|
|
|
On behalf of Target’s Board of Directors, thank you for your
continued support and interest in Target.
|
|
|
|
|
|
|
Sincerely,
|
|
|
|
|
|
|
/s/ Gregg Steinhafel
|
|
|
|
|
|
|
Gregg Steinhafel
|
|
|
|
|
Chairman, President and Chief Executive Officer
|
|
|
|
|
|
|
Important Information
|
|
|
|
|
|
|
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, 2009.
|
|
|
|
|
|
|
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
and http://investors.target.com.
Shareholders should read carefully the definitive proxy statement
and the accompanying WHITE proxy card before making any voting
decision.
|
|
|
|
|
|
About Target
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.
Source: Target Corporation
Target Corporation
John Hulbert, 612-761-6627
or
Susan
Kahn, 612-761-6735
or
Joele Frank, Wilkinson Brimmer Katcher
Joele
Frank, 212-355-4449
or
Tim Lynch, 212-355-4449
|
|
