Activist Litt ends plans to push for board seats at LXP

1 min read

BOSTON (Reuters) – Shareholder activist Jonathan Litt ended plans to win board seats at LXP Industrial Trust, the company said on Wednesday, less than a week after it suspended plans to explore strategic alternatives, including a possible sale.

Litt’s investment firm Land & Buildings notified the U.S. warehouse-focused real estate investment trust in a letter on Tuesday that he had withdrawn his director nominations, the company said in a regulatory filing on Wednesday.

A Land & Buildings spokesperson did not provide a reason for the withdrawal of the nominations.

Litt had nominated himself and Donna Brandin, a former chief financial officer of Equity Residential, as director candidates to LXP’s eight member board in December.

The move comes after the company said on April 8 that it “determined to suspend” its review process, citing macroeconomic, geopolitical and financing conditions. LXP’s stock price has dropped 14% since the announcement.

LXP began its review process in early February, after Litt, whose hedge fund invests roughly $500 million, told the company that he would be willing to pay $16 a share in cash, without offering details on how he would finance a potential bid.

(Reporting by Svea Herbst-Bayliss)