Shareholders: Target 4, Ackman 0

  • Article by: JACKIE CROSBY , Star Tribune
  • Updated: May 29, 2009 - 11:45 AM

Shareholders rejected a bid by investor William Ackman to put himself and four others on Target's board. After an estimated $21 million, Target's board stays the same.

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swmnguyMay. 28, 09 2:25 PM

I hope this turns out well. It was hard to get excited about having Ackman on the the board, even though his candidates seemed smart. Ackman is desperate. Most of his holdings in Target are highly-leveraged options. If TGT stock doesn't go up a lot in a hurry, he's bankrupt. It seemed likely he would push for short-term actions that would bail him out of a risky speculative position and risk the long-term life of the company. On the other hand, more "business as usual" at Target doesn't fill one with confidence in this highly unusual business climate. As much as this area depends on a healthy Target Corp., I sure hope things turn out well.

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writeonMay. 28, 09 2:28 PM

Macy's is still "Daytons", and I don't want Target to look like Walmart.

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swschradMay. 28, 09 2:38 PM

nothing else but an inside theft job, that's what was in store if Ackman's good ol' boys got in and carved Target up like so many failing companies have been by "the whiz kids." excellent news, best since the Dart folks tried the rape of Dayton Corp, the previous name.

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muopinionMay. 28, 09 2:39 PM

We don't need Ackman trying to run things to the ground.

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Colt444May. 28, 09 2:53 PM

Target, you made a wise choice. Ackman was gonna come in and do a "hostile" takeover of that company. Way to go.

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zel748May. 28, 09 3:09 PM

No fan of Ackman but the decisions by the Target board have left a lot to be desired. The stores are not what they once were - poor layout and selection - and it's nearly impossible to buy anything without getting besieged by clerks to get you to sign up for the Target credit card. It's simply an uninviting place to shop which is why I avoid it whenever possible. Lost a lot of money on their shares waiting for them to come to their senses but there seems to be little hope anymore of recovering it.

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bildo69May. 28, 09 3:18 PM

Wow. What a difference 25 years makes. Same song, new band. An inspirational speech, emotional, telling shareholders "greed is good", and that he wants a great company to be better. Those who were called "Corporate Raiders" in the 80's are now "Shareholder Activists". The dumbing down of America continues.

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uadp00May. 28, 09 3:21 PM

They just elect the same crook that almost destroyed Wells Fargo to their board. Great choice!! Target has become too insular. They are getting beat badly by Walmart and the fact the shareholders didn't see the current board pissing away value is unfortunate. I love the company and am disappointed with the result. I still will shop there all the time but I'm no longer a shareholder as of the announcement today.

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lmockMay. 28, 09 3:29 PM

I think this guy is nuts. If it ain't broke, don't fix it. Target is one of the few companies weathering this economic storm and has a reputation as a company that is solid. This guy sounds like he's over reaching his personal limits. I wonder why they let him get such a large share of the stock. Big mistake for Target!

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twirwinMay. 28, 09 3:32 PM

seems to be the talking point word of choice here.

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