After a three-day holiday, the Target-Ackman press-release volleying resumed bright and early this morning.

Hedge-fund manager William Ackman, who controls about an 8 percent stake in Target, issued a statement at 5 a.m. pledging to keep his stock in the company for at least five years if he's elected to the retailer's board.

Ackman is fighting a perception that he views Target like a house he can flip for a quick profit before moving on. His group's press release stresses Ackman's "long-term commitment to Target."

Critics characterize Ackman's real-estate proposals for Target as short-sighted. They say spinning-off real estate into a separate company would result in a wealth transfer from future to current investors.

Meanwhile, Ackman is also criticizing current board members for not owning enough stock in the company.

Ackman has offered up his own slate of nominees to oppose management's board candidates. The showdown between Target and the investor comes to a head on Thursday, when shareholders at the annual meeting choose which slate of board nominees to elect.