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Posts tagged Land & Buildings
Land and Buildings Issues Letter to Hudson’s Bay Shareholders Regarding Recent Developments

Hudson’s Bay board of directors (the “Board”) should, consistent with its fiduciary duties, seriously consider the reported Signa fully financed €3.0 billion offer for Hudson’s Bay European business, which is above the Company’s purchase price and stated net asset value (NAV). Selling properties at or above the Company’s stated NAV is likely the optimal and lowest cost option for raising capital -- and further underscores the real estate value of the Company.

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Land & Buildings Letter To Hudson's Bay

As an approximately 4.3% shareholder of Hudson’s Bay, Land and Buildings has watched over the past few months as the Company publicly sought a merger partner such as Neiman Marcus or Macy’s. As has been thoroughly reported, any transaction of this type would be challenging and complicated. To date, the only result of these efforts has been the stock declining nearly 25% since the deal talks surfaced, and the Company announcing last Thursday that it would be undertaking a massive $350 million restructuring to realign its own business “to get ahead of the changing retail landscape.” 

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Land and Buildings Letter To Taubman Centers

We believe that Taubman Centers, under the leadership of CEO and Chairman Bobby Taubman has been misleading the investment community for years and is now at it again, trying to buy more time in an attempt to reverse the inferior total shareholder returns, poor operating results and bad capital allocation decisions at Taubman Centers over the past 5, 3 and 1-year periods.1 We urge shareholders not to be misled and to help put the Company back on track towards profitability by electing Land and Buildings’ highly-qualified nominees at the upcoming annual meeting. It is time for change at Taubman Centers. Consider the following highlights of the Company’s abysmal track record under the leadership of Bobby Taubman and supervision of Lead Director Myron Ullman:

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