Taubman Centers, Inc.NYSE
Wed, Oct. 19, 3:54 AM
- 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.