Activist investor Jonathan Litt wants Taubman Centers (NYSE:TCO), one of the largest operators of shopping malls in the U.S., to cut costs and reverse its expansion or look at selling itself, the WSJ reports.
Litt, whose Land & Buildings Investment Management firm owns around 1% in Taubman, is frustrated at the latter's poor stock price compared with other companies that Litt holds in the sector.
The share is down 7% this year and closed at $71.17 yesterday, well below the $99.62 a share that analysts estimate is the net asset value of Taubman's properties.
Litt reckons poor governance is to blame for the gap and is seeking changes on the board among other things.
Taubman's market cap is $4.3B.
Taubman wouldn't wrong to be wary - last year Litt managed to shake up the board of Taubman rival Macerich.
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