Target, the US discount retailer, has suffered a setback in its efforts to fight off a challenge to its board by activist investor Bill Ackman, after a key proxy advisory service endorsed two of the dissident candidates. Proxy Governance suggested clients vote for two of the five nominees supported by Ackman’s Pershing Square funds – Jim Donald, former CEO of McDonald’s, and Michael Ashner, a real estate executive. Target has accused Ackman of launching a proxy campaign for board seats as part of what it calls his “risky” real estate restructuring proposals.

This entry was posted by Gwen Robinson on Friday, May 15th, 2009 at 4:53 and is filed under Capital markets, Hedge funds, People. Tagged with pershing square, target. Edit this entry.