Target responds to Ackman's board intentions

MINNEAPOLIS Target on March 16 issued a statement regarding the announcement made by William Ackman, founder and CEO of Pershing Square, that he intends to nominate five representatives for election to Target’s board of directors at the company’s 2009 annual meeting of shareholders.

"We are disappointed that Pershing Square has decided to pursue a costly and disruptive proxy contest, especially in light of our previous dialogue. Target has a long history of being responsive to shareholders and has engaged in numerous discussions with Pershing Square over a 20-month period," said Target.

Target’s board of directors has determined to nominate for re-election at the 2009 Annual Meeting all four of the current directors whose terms expire at this year’s meeting. They are:

• Mary Dillon, EVP and global chief marketing officer, McDonald's,
• Richard Kovacevich, chairman, Wells Fargo & Co.,
• George Tamke, partner, Clayton, Dubilier & Rice, and
• Solomon Trujillo, CEO, Telstra Corp.