Minneapolis Target Corp. urged its shareholders on Monday to vote against the board candidates nominated by activist shareholder William Ackman and to support its own board slate. Ackman’s Pershing Square Capital Management holds a 7.8% stake in Target. He had earlier urged Target’s shareholders to vote against the retailer's board nominees.
Target, in response, said re-electing its board directors is "in best interest" of its shareholders.
"We believe that the current Target board has the strength, diversity, experience and qualifications to provide effective and independent oversight and direction to the company," Target said in a statement.
In a proxy statement filed with the Securities and Exchange Commission on Monday, Ackman argued that his candidates will bolster the board's expertise in retail, credit cards and real estate issues.
Ackman also invited shareholders to attend a town hall meeting on May 11 to question the proposed board slate.