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."
![Hildie Edwards with sister Dahlia take time from school to advocate for the "trans refuge" bill up for vote in the Senate at the Capitol in St. Paul, Minn., on Friday, April 21, 2023. In the background are signs opposing and supporting the issue. Hildie Edwards is a transgender activist who has helped pass legislation making Minnesota a refuge for transgender individuals. ] RICHARD TSONG-TAATARII • richard.tsong-taatarii@startribune.com](https://arc.stimg.co/startribunemedia/MLXISPSWNLOGYAK77CQ7GAL7B4.jpg?&w=436&ar=3:2&fit=crop)
