William Ackman, the head of investment group Pershing Square Capital Management, is not backing down from his proposed takeover of Target Corp.
Pershing, which controls 7.8% of the retailer’s stock, is trying to convince shareholders to vote five people on to the company’s board. Target, on the other hand, is trying to get its current board members reelected.
So now Ackman is vying to have his own “town hall” meeting on May 11 to convince investors of his plan. Ackman says he brings to the table expertise in credit cards, food sales and real estate. He has also proposed putting the land Target owns under its stores into a REIT.
Does Target, which has had lagging financial results as of late, need a change from an investor like Ackman, or is it just another chain that’s a victim of the recession.