Shares in the chain known for its stylish savvy dropped 3.6% as an activist and 7.8% stakeholder in Target, Inc., Pershing Square Capital Management, continued a proxy battle over director nominees.
Bill Ackerman of Pershing explained that he's kicking up dust because of Target's "suboptimal" board composition and a "substantial unrealized potential." Target on the other hand wants to re-elect the same board which it characterizes as strong, diversified and experienced enough to direct the company effectively.
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