Target shareholders asked to reject Pershing Square's slate on May 28

By Lisa Kerner

Charlotte, N.C., May 14 - Target Corp. president and chief executive officer Gregg Steinhafel once again urged shareholders to vote for Target's nominees at the annual meeting on May 28.

Steinhafel asked Target shareholders on Thursday in a letter to vote for Target's four nominees: Mary N. Dillon, Richard M. Kovacevich, George W. Tamke and Solomon D. Trujillo.

Shareholders were asked to reject the dissident slate put forth by Pershing Square Capital Management, LP.

Steinhafel made a similar plea to shareholders in a letter last week.

"It appears that Pershing Square has launched its proxy contest because Target rejected Pershing Square's risky real estate proposal after careful evaluation," the letter said.

Target said it worked "constructively" with Pershing Square for 20 months before the shareholder launched its proxy contest.

As previously reported, Pershing Square nominated its founder, William A. Ackman, and three others for election to the Minneapolis-based retailer's board.

In October 2008, Pershing Square suggested that Target spin off Target Inflation Protected Real Estate Investment Trust, a land-only and facilities services real estate investment trust that would include substantially all of Target's owned land.

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