Monday, March 16, 2009

Ackman and 4 Others To Run In Proxy Contest For Target BOD

Bloomberg reports William Ackman may finally get something in exchange for the nearly $2 billion he has blown on PSIV, aka the Target Fund. Ackman will propose himself as well as a Richard Vague, Jim Donald, Michael Ashner and Ronald Gilson to Target's Board of Directors. Ackman will run a proxy contest, hoping existing TGT shareholders are sufficiently unhappy with the existing BOD to elect his nominees.
"The slate would bring expertise in credit cards, real estate and food sales, areas where the retailer needs to improve, Ackman said. He has pressed Target’s management to sell its credit-card portfolio, buy back shares and place the land under its stores into a real estate investment trust that would lease the property back to the retailer."
Sphere: Related Content
Print this post


Thomas said...

A fitting capstone for the passing of the " Hedge Fund Era ".

richmond said...

I recently came accross your blog and have been reading along. I thought I would leave my first comment. I dont know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.