Taubman 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.
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.
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