Who will land the knockout blow in this widely watched battle? Recall William Ackman was so enamored of Target a few years ago that he set up a single stock hedge fund to build a near 10 percent stake in the company. As Target's stock swooned, it took down Ackman's investment (as of February it's down more than 90 percent), and he hasn't been taking it laying down. 

Fortune calls it a bar brawl. "The stakes are high, and not only because Target is one of the largest companies ever to be involved in a proxy fight. Regardless of who wins the vote at the annual meeting on May 28, Ackman's move against a widely respected company with no record of poor governance represents a new front in the world of shareholder activism." Ackman wants a new slate. Recall he also wanted to spinout a REIT, an idea that Target has rejected after receiving and analysis from Goldman Sachs. 

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