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Report: Mack-Cali shareholder activist might seek company sale, other changes

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Report: Mack-Cali shareholder activist might seek company sale, other changes

Land & Buildings Investment Management LLC's Jonathan Litt could press for changes at Mack-Cali Realty Corp., including a full or partial sale of the company, Bloomberg News reported, citing unnamed sources.

The sources told the news outlet that it remains unclear whether Litt has met with Mack-Cali's management to talk about the possible changes.

Shares of Mack-Cali jumped 5.98% at market close Aug. 14.

The shareholder activist disclosed in an Aug. 13 filing that it purchased 1.26 million additional shares in the office real estate investment trust, increasing its stake in the company from 0.46% to about 2% of outstanding shares, according to S&P Global Market Intelligence data.

Litt previously held a board seat at Mack-Cali, but stepped down in August 2016.

Comments were not available from representatives of Litt and Mack-Cali, according to Bloomberg.