Pershing Square's Bill Ackman has spent many months, millions of dollars, and much breath in his fight to get himself and four other investors on Target's board. Today, when the majority of shareholders rejected his plan, his battle against the retailer came to a dramatic end. Or, should we say, melodramatic end. Per the Star Tribune:
Addressing shareholders at the meeting before the vote was announced, Ackman twice choked up. "We launched this contest to make sure Target is never known in the future as a once-great company," he told shareholders, even quoting John F. Kennedy Jr. and Martin Luther King Jr.
Ackman said he had a dream that one day board members would be elected on character, competency and relevancy of experience.
Goodness. We're just glad he managed to get out of there before he began reciting the whole of Nathan Hale's speech before his hanging, or picked up an acoustic guitar and treated everyone to a sob-riddled version of "We Shall Overcome." We mean — he did, right?
Target shareholders reject Ackman board candidates [Star Tribune]