Land & Buildings' Jonathan Litt calls on the board of Taubman Centers (NYSE:TCO) to enforce the company charter, which limits one's ownership to 8.23% of the value of the capital stock of the company. The Taubman family owns about 30% of the voting stock.
Litt comes to that 30% figure by including the family's ownership of about 25M shares of Series B Preferred Stock.
Litt suggests a hypothetical offer of $3.5B for the preferred stock and $85 per share for the common (14% premium to current) as a step in reducing the family's stake below that 8.23% threshold.
L&B has set a conference call for 11 ET to discuss in greater detail.
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