Ackman Loses Proxy Battle With Target

• Posted by ToddSullivan
• on May 28th, 2009

A classic win some/lose some scenario unfolded today at the Target (TGT) meeting for investor Bill Ackman.

Here are some past posts on the subject here, here, and here

Here is soke of the press release from Target:

“On behalf of Target’s Board of Directors and management team, we thank our shareholders for their overwhelming support throughout this process,” said Gregg Steinhafel, Target’s Chairman, President and Chief Executive Officer. “Today’s outcome demonstrates the confidence Target shareholders have in our Board’s qualifications, diversity and experience to provide effective and independent oversight and direction to the company, contributing to the creation of one of the most recognized brands in the United States. We remain dedicated to serving the interests of all shareholders by sustaining Target’s competitive advantage, driving continued profitable growth and generating substantial shareholder value over time.”

Analysis From Bloomberg:

Ackman Said:

As an aside, he does have very valid points as to the voting process involved not just at Target but in corporate America in general. It should not be more dificult to vote for a Board of Directors than the President. It also should be a secret vote and a single ballot so as to not be influenced.

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