Pershing Square’s Bill Ackman has a lot of problems with Target’s management, but the latest is kind of pushing it. In a SEC document yesterday, the activist hedge fund complained that the location of the May 28, 2009 Annual Shareholder Meeting was going to be held at a store in Waukesha, Wisconsin that is still under construction. The fund even attached a set of photos that demonstrate that the store in nowhere near completion. Most importantly, the fund manager wants assurance that they be “given reasonable, adequate and uninterrupted access to phone lines, internet access and office space. (Pershing), like you, should have an equal opportunity to process last-minute proxies that are properly submitted before the polls close at the meeting. All parties should ensure that each shareholder vote is counted.”
Shouldn’t the investors also be concerned about the fact that the meeting will probably delay the opening of a new store? Pershing has nominated its own slate of five directors for Target’s board and has been suggesting various strategic actions for the company, including a sale of real estate properties. |
