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:
Tourbillon Capital Partners, L.P. (together with its affiliates, “Tourbillon” or “we”) is a substantial long-term shareholder of Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”) and a former substantial multi-year shareholder of HRG Group, Inc. (“HRG”). We wanted to share our thoughts with respect to the potential downstream merger of HRG into Spectrum (or a similar transaction) following HRG’s sale of Fidelity & Guaranty Life (“FGL”)1 which, based on public statements by Spectrum, we believe is anticipated by the market.
We believe the shares of MSN to be significantly undervalued and trading well below liquidation (net cash) value. At the time of writing the shares trade at approximately $1.25/share whereas the Company’s book value is $2/share and net cash value (cash, cash equivalents and short term investments net of liabilities) roughly $1.85/share. Furthermore, the stock has on average stayed mostly flat ever since going public in 1994 as compared to an almost five-fold increase of the S&P500 for the same period.