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Biotech / Medical : Brookdale Senior Living

BKD 10.90

-0.8%

12:59 PM EST

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From: Paul Lee	1/23/2017 10:55:16 AM
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At Brookdale Senior Living, a Real Estate Sale or Director Fight May Be Coming Jonathan Litt's letter noted that shareholders would hold the company's board accountable if the strategic alternative process is not fully explored. This suggests a proxy contest could be imminent. Jan 19, 2017 6:00 AM EST Brookdale Senior Living ( BKD) will need to sell itself or its real estate -- otherwise expect REIT-focused activist Land & Buildings Investment Management's Jonathan Litt to launch a director-election proxy battle in the coming months at the assisted living facility owner. Litt last week escalated his effort to drive a strategic transaction at Brookdale, suggesting in a letter to the board and shareholders that he would be "extremely disappointed" if the strategic alternatives process is not fully explored and fails to result in a successful conclusion. That comes after a report last week suggesting that the company is in talks with buyout shop Blackstone ( BX) on a potential deal. A Wall Street Journal report on the news sent Brookdale's share price soaring. The report noted that the discussions are early stage and may not result in a sale of Brookdale outright. Additionally, the report noted that others could be involved in discussions. However, consider that Litt's letter noted that shareholders, including Land & Buildings, would "hold" the company's board accountable if the strategic alternative process is not fully explored. In translation, those comments suggest that Litt may seriously be considering a director-election proxy contest at Brookdale Senior Living if a thorough strategic review is not conducted. According to FactSet, Litt has launched fifteen campaigns and five proxy contests since founding the fund in 2008. That track record - and Litt's success at installing dissident director candidates at corporations in the past -- suggests another contest may be coming soon.

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