Target and Ackman: A timeline

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.

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.

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."

March: Ackman pushes for a slate of five candidates, arguing for a 13-member board. Target rejects Ackman's proposed slate, saying it supports reelecting the four directors on its 12-member board.

April: Both sides make their case to shareholders in more than 20 regulatory filings.

May 28: Shareholders reject Ackman's slate at Target's annual meeting.

January: Target resumes its stock buyback program.

Jan. 13: Target announces it has hired an adviser to explore selling its remaining stake in its credit card receivables.

Jan. 24: Ackman appointed to the board of retailer J.C. Penney, in which he had acquired a 16.5 percent stake.

May 17: Ackman discloses in a regulatory filing that he has sold his remaining 7.4 million shares in Target.

Source: Star Tribune research