(Bloomberg)—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.
Shares 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.
“Maximizing 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. In 2003, Taubman rejected a takeover offer by Simon Property Group Inc. “Whether it is a management-led privatization or a sale of the company to a third party, all options should be evaluated.”
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