- Tejon Ranch Co. (TRC, Financial) urges shareholders to vote for all 10 of its director nominees at the May 13, 2025, Annual Meeting.
- All three major proxy advisory firms recommend supporting Tejon's slate over Bulldog Investors' nominees.
- Tejon Ranch plans enhanced shareholder engagement, including an Investor Day at NYSE and improved communications.
Tejon Ranch Co. (TRC) is currently engaged in a proxy battle with Bulldog Investors, a hedge fund seeking to place three nominees on Tejon's board. These nominees are opposed by Tejon, which argues they lack the necessary real estate and California-specific development experience crucial to the company’s strategic objectives.
In a significant show of support, major proxy advisory firms, namely ISS, Glass Lewis, and Egan-Jones, have unanimously recommended voting for Tejon's nominees. This consensus highlights concerns over Bulldog's lack of a compelling strategy or relevant experience to guide Tejon effectively.
Tejon is taking proactive measures to increase shareholder engagement. The company has committed to organizing an Investor Day at the NYSE in the fall of 2025, a subsequent ranch event in 2026, and improved quarterly earnings communication. These steps are designed to foster transparency and align with shareholder interests.
With the control over 16,000 homes that are fully permitted and entitled for development, Tejon emphasizes the importance of maintaining board stability to ensure the execution of its long-term strategic goals. The upcoming vote will be crucial in determining the future direction of the company's substantial land assets.
