Target, Shareholder Prepare for Proxy Fight

Target Corp. said yesterday the proxy fight it had hoped to avoid at its annual meeting May 28 may be unavoidable, following an announcement by William Ackman that he intends to nominate his own slate of directors to stand against management’s slate.

MINNEAPOLIS — Target Corp. here said yesterday the proxy fight it had hoped to avoid at its annual meeting May 28 may be unavoidable, following an announcement by William Ackman that he intends to nominate his own slate of directors to stand against management’s slate.

Ackman, founder and chief executive officer of Pershing Square Capital Management, which owns a 10% stake in Target, has been pressuring the retailer to sell its credit card portfolio — a move that could boost th

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