2007
April 17: Hedge fund manager William Ackman of Pershing Square Capital Management begins buying shares of Target Corp., selling for about $61. By the end of the year his stake, a combination of options and common stock, will top out at 9.97 percent. He calls Target "the best retailer in the world."
Aug. 2: Target CEO Gregg Steinhafel and CFO Doug Scovanner meet Ackman in his New York City office. Ackman proposes restructuring Target's credit-card business and launching a $15 billion share repurchase program.
Sept. 12: Target announces it will review ownership alternatives for credit-card receivables.
Nov. 20: Target announces it will buy $10 billion of its shares over three years.
2008
May 5: Target announces $3.6 billion sale of nearly half of credit-card receivables to J.P. Morgan Chase.
Oct. 29: After two unsuccessful meetings, Ackman goes public with proposal that the retailer sell the land under its stores and put it into a real estate investment trust. A month later Ackman makes a second public presentation, which Target again rejects.
Nov. 17: After spending $5 billion, Target suspends its share buyback program. The stock closes at $31.68.
2009
February: Ackman tells Target he wants a board seat for himself and another candidate and apologizes to investors in his Target-only fund, which has lost 90 percent of its value. He calls it "one of the greatest disappointments of my career to date."
