Reuters clients get first news of Ackman battle for Target board

Reuters clients were first to read on March 16 that prominent activist hedge fund manager William Ackman, who owns 7.8 percent of Target, plans to run a proxy battle for 5 seats on the retailer’s board. They then got the most complete coverage as Ackman escalated the matter into a potentially thorny fight between himself and the retailer now hit hard by the recession. The Reuters headline beat Bloomberg by 24 minutes. Dow Jones was not able to confirm the news and picked up the story, citing Reuters. Target’s share price moved 1.3 percent on the Reuters headline.