Activist investor Litt seeks board changes at Ventas -WSJ (updated)

Ventas

10/09/2023 23:41

(Adds details from WSJ report in paragraph 3, background in
paragraphs 5-6)
       Sept 10 (Reuters) - Activist investor Jonathan Litt is
seeking board changes at the real-estate investment trust Ventas
 VTR.N , the Wall Street Journal reported on Sunday.
    Litt's Land & Buildings Investment Management said changes
are required to reverse the underperformance at the company, the
report said, citing a letter that the Journal said it reviewed.
Litt plans to send the letter to the company's shareholders, the
Journal reported.
    Land & Buildings said in the letter that it would do 
"whatever is necessary" to turn things around, which could
include nominating multiple directors, the report said.
    Both Ventas and Land & Buildings did not immediately respond
to Reuters requests for comment.
        Land & Buildings had entered into a proxy battle with
the company in 2022. Litt nominated himself as a director
candidate to win a board seat, but the effort fell short and he
withdrew the nomination.
  
        Land & Buildings investor owns about $50 million of
Ventas' shares, amounting to a stake of less than 1%, according
to the WSJ report.
  
        
  
        
  

 (Reporting by Anirudh Saligrama in Bengaluru; Editing by Leslie
Adler)
 ((Anirudh.Saligrama@thomsonreuters.com; @journoanirudh on
Twitter;))