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Check Out Line: The Thrilla in Waukesha

May 28, 2009

target1Check out the proxy battle royale going on at Target’s annual meeting in Waukesha, Wisconsin.

Activist investor William Ackman of Pershing Square Capital Management is fighting for seats on the board of retailer Target Corp.  Pershing has amassed a 7.8 percent stake in the retailer.

Shareholders at the company’s annual meeting also will decide whether the board should be 12 members, as Target wants, or expands to 13, as Ackman prefers.

Ackman has said he is running the proxy contest to add executives to Target’s board who have expertise in credit cards, real estate and food retailing, while Target maintains he simply wants to push through a risky real estate transaction.

Also in the basket:

Costco profit just short of view; Big Lots tops

Costco to accept food stamps at 2 NYC stores

Sanderson profit surges on lower costs, grocery

Heinz fourth-quarter profit falls

P&G sees better results in 2010

Toys R US buys FAO Schwarz

(Reuters photo)

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