By  on June 3, 2009

WASHINGTON — Activist investors appear poised to do to Saks Inc. what William Ackman failed to accomplish in his attempt to transform the board of Target Corp.


Two shareholders — P. Schoenfeld Asset Management LLC and the New England Carpenters Pension Fund — won the first stage in their proxy fight with Saks on Wednesday as stockholders approved two nonbinding proposals in their effort to make the luxury retailer and its board more accountable to investors.

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