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Mack-Cali jumps 5% after activist investor Litt boosts stake

Aug. 14, 2018 2:27 PM ETVeris Residential, Inc. (VRE) StockVREBy: Liz Kiesche, SA News Editor1 Comment
  • Mack-Cali Realty (NYSE:CLI) +5% after activist investor Jonathan Litt acquires an additional 1.26M shares of the real estate investment trust, bringing his total holdings to 1.67M shares, according to a regulatory filing. That amounts to about 1.8% of the company's shares outstanding.
  • Litt, who runs Land & Buildings Investment Management, is likely to push for changes at the REIT, including possible sale of all or parts of the company, Bloomberg reports, citing people familiar with the matter.
  • It isn't clear whether Litt has met with Mack-Cali management yet to discuss potential changes.
  • Litt had been on Mack-Cali's board from November 2014 to August 2016, and resigned after the company's shares rose more than 32%.
  • Mack-Cali has risen 4.5% in the past month, but is down almost 7% year-to-date and down about 16% in the past year.

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