Wednesday, October 19, 2016

Taubman Climbs After Activist Asks Company to Consider a Sale

Image result for taubman shopping centerTaubman Centers Inc. surged after Jonathan Litt, an activist investor known for targeting real estate companies, pushed for the mall owner to cut costs or consider a sale of the company.
Shares of Bloomfield Hills, Michigan-based Taubman climbed 7.1 percent to $76.22 at 9:56 a.m. in New York. They rose as much as 11 percent earlier this morning, their biggest intraday increase since May 2009.

“Maximizing sustained ‘shareholder value’ should always be a top priority and we believe hindsight clearly illustrates the stay independent strategy of 2003 has not maximized value,” Litt wrote in letter to Taubman’s board.. . . more

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