Bulldog pushes for change on Tejon Ranch board

Published 05/05/2025, 19:14
Bulldog pushes for change on Tejon Ranch board

SADDLE BROOK, N.J. - Special Opportunities Fund, Inc. (NYSE: SPE), a $157.4 million market cap investment firm with an impressive 8.87% dividend yield and strong financial health score according to InvestingPro, and Bulldog Investors, LLP, collectively holding a 2.1% stake in Tejon Ranch Co. (NYSE: TRC), are advocating for the election of three new directors to the board of the real estate company. The investment firms suggest that this move could lead to improved transparency and accountability, as well as an increase in Tejon’s stock value.

Bulldog’s push for board changes comes amid shareholder concerns regarding Tejon Ranch’s large expenditures, particularly on the Tejon Mountain Village (TMV) project. Despite claims of the project being "fully entitled" and at a "near-execution stage," Bulldog notes that over $100 million has been spent without visible progress since similar statements were made in 2013. Special Opportunities Fund itself has demonstrated strong performance, with a 29.35% total return over the past year and maintains a notably low P/E ratio of 4.53.

Andrew Dakos, one of the nominees, has voiced criticisms about the current board’s oversight and the company’s stagnant stock, labeling it as a "dead money" investment. The proposed directors aim to enhance oversight and ensure the company’s actions align with shareholder interests.

This initiative is part of Bulldog Investors LLP’s broader investment strategy, as the firm manages assets across various funds and accounts, focusing on enhancing shareholder value.

The information is based on a press release statement from Special Opportunities Fund, Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.