Activist investor Elliott Management Corp. sold its stake of 2,923,902 shares of mall landlord Taubman Centers Inc. during the first quarter, according to a filing. The stake represented roughly 4.8% of Taubman's outstanding shares.
The hedge fund held talks with Taubman's board in 2017 to encourage the real estate investment trust to consider being taken private or other strategic alternatives, according to a news report.
Another activist investor, Land & Buildings Investment Management LLC, has nominated its founder and chief investment officer, Jonathan Litt, for election to Taubman's board of directors and put forward a nonbinding recommendation for the elimination of the company's series B preferred stock. The matters will be put to a shareholder vote at Taubman's annual shareholders meeting May 31.
Taubman has encouraged shareholders to vote against the proposals.
