Land & Buildings Urges Taubman Shareholders To Vote For Its Board Nominees

(RTTNews) - Land & Buildings Investment Management LLC announced that it has issued an open letter to shareholders of Taubman Centers, Inc. (TCO) and has filed definitive proxy materials with the Securities and Exchange Commission in connection with its campaign to elect two directors - Charles Elson and Jonathan Litt - to the Taubman Board at the Company's 2017 Annual Meeting of Shareholders. Land & Buildings urged Shareholders to Vote for its Nominees on the GOLD Proxy Card today.

Land & Buildings is seeking to replace two incumbent directors, CEO, President and Chairman Robert S. "Bobby" Taubman and Lead Director Myron E. Ullman, III, who shareholders believe have failed to represent the best interests of shareholders.

Land & Buildings believes board must be reconstituted to address failures in capital allocation, operations and corporate governance at Taubman.

Land & Buildings said that CEO and Chairman Bobby Taubman must be held accountable for company's 57% stock underperformance compared to peers over the last 5 years.

Land & Buildings sees approximately 60% upside to current stock price based on private market valuations.