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    Target responds, says Ackman misleading shareholders

    By Dan Haugen | Published Fri, May 22 2009 11:21 am

    Target is now accusing activist investor William Ackman of misleading shareholders about the company's governance rules.

    The retailer issues a statement this morning advising shareholders "not to be fooled by Pershing Square's inaccurate and misleading reading of Target's governance guidelines:

    “We are surprised that Mr. Ackman and Professor Gilson apparently did not read Target’s entire corporate governance guidelines. Had they done so, they would have found that the guideline that applies here to [Solomon] Trujillo and [Anne] Mulcahy is guideline 22, which reads:

    A non-management director who retires from principal employment may serve up to an additional three years from the date of such retirement, but only to a maximum of 20 years of service on the Board and not beyond the director’s 68th birthday."

    Earlier today, Ackman's Nominees for Shareholder Choice group issued a press release calling for the two directors to resign "promptly."

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