June 19, 2009

Faegre & Benson Counsels Target Corporation in Proxy Contest

Faegre & Benson attorneys advised Target Corporation during its recently concluded proxy contest with Pershing Square Capital Management in which shareholders voted to re-elect the incumbent directors of Target. Along with New York City based co-counsel Wachtell, Lipton, Rosen & Katz, Faegre & Benson assisted Target throughout the contest.

"We are delighted we had the opportunity to represent our long-time client Target Corporation and are very pleased with the results of the proxy contest," said Philip S. Garon, partner in the Faegre & Benson corporate group and former chair of its management committee.

In addition to voting in favor of the company's four incumbent directors, Target shareholders supported the board's proposal to set the size of the board at 12. Pershing Square failed to persuade shareholders to elect any of its five nominees to the Target board.

Other Faegre & Benson partners providing counsel to Target were Michael Stanchfield and Amy Seidel.

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