Investor Sues Taubman Centers in Ongoing Proxy Fight
Land & Buildings Investment Management LLC has filed a lawsuit against Taubman Centers Inc., reports Crain's Detroit Business (May 17, Walsh), challenging the Taubman family's control of the board. The lawsuit, which ratchets up an ongoing proxy fight at the shopping mall operator, alleges the family's ownership of the company's voting shares violates the ownership guidelines set in the company's charter. Additionally, the company's proxy materials allegedly contain false statements about the Taubmans' ownership and voting power. "The suit is the latest attempt by the activist investor to shake up the Taubman board," states Crain's. Last month, Land & Buildings Investment co-founder Jonathan Litt launched a proxy battle to oust CEO Robert Taubman and ex-J.C. Penney CEO Myron Ullman III from the board. The two are up for re-election at the annual shareholders meeting June 1. Litt is pushing for a seat on the board and has proposed Charles Elson, director of the University of Delaware's John L. Weinberg Center for Corporate Governance, for a seat.
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