Target vs. Ackman

Posted at 4:16 PM on May 5, 2009 by Bob Collins (2 Comments)
Filed under: Economy

A battle is intensifying between Minneapolis-based Target and hedge fund boss William Ackman, who has a history of fighting with the companies in which he becomes an investor.

It will come to a head later this month when stockholders meet to vote on a board of directors. Ackman wants to replace four of them with four of his own.

Target has selected an unfinished store in Waukesha, Wisconsin as the site for the meeting and Ackman is suggesting it's an attempt to make it difficult for his sympathizers to get to the meeting.

"This is another Pershing Square (Ackman's hedge fund) sideshow," a Target
spokesman told Reuters.

But Ackman has some reason to be suspicious. When his hedge fund got into a proxy fund against the railroad CSX, the company held its stockholder meeting in a difficult-to-get-to railroad yard.

Here's Ackman's filing with the SEC in which he complains about the Target location.

Comments (2)

Yeah, suburban Milwaukee - the ends of the frickin' earth.

Posted by David Brauer | May 5, 2009 4:35 PM

Ackerman is just annoyed that his hedge fund "bought" a huge chunk of Target just before the economy tanked. Ackerman wants Target to sell off a bunch of assets so he can get a big profit, and sell off.

Posted by David Meyer | May 5, 2009 7:38 PM

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