Kern County leaders sign letter supporting Tejon’s Board
Tejon Ranch Co. (NYSE: TRC) has received strong support from Kern County leaders who signed a letter backing the company's Board and management while opposing Bulldog Investors' efforts that could threaten Tejon's Master Planned Communities development. The letter, endorsed by State Senators Shannon Grove and Melissa Hurtado, State Assemblymembers Stan Ellis and Dr. Jasmeet Bains, and Kern County Supervisors, emphasizes the crucial partnership between Tejon and Kern County.
Supervisor Leticia Perez highlighted Tejon Ranch as a "crown jewel of Kern County" with nearly two centuries of economic partnership. Supervisor Chris Parlier emphasized the Board's expertise in developing large-scale Master Planned Communities in California's challenging regulatory environment, contrasting their approach with what he characterized as Bulldog's "serial proxy activist" perspective.
Tejon Ranch Co. (NYSE: TRC) ha ricevuto un forte sostegno dai leader della contea di Kern, che hanno firmato una lettera a favore del Consiglio di Amministrazione e della direzione della società, opponendosi agli sforzi di Bulldog Investors che potrebbero mettere a rischio lo sviluppo delle Master Planned Communities di Tejon. La lettera, approvata da Senatori statali Shannon Grove e Melissa Hurtado, membri dell'Assemblea statale Stan Ellis e Dr. Jasmeet Bains, e dai Supervisori della contea di Kern, sottolinea la partnership fondamentale tra Tejon e la contea di Kern.
La Supervisore Leticia Perez ha definito Tejon Ranch una "perla della contea di Kern" con quasi due secoli di collaborazione economica. Il Supervisore Chris Parlier ha evidenziato l'esperienza del Consiglio nello sviluppo di grandi Master Planned Communities nel difficile contesto normativo californiano, contrapponendo questo approccio alla visione di Bulldog, descritta come quella di un "attivista seriale proxy".
Tejon Ranch Co. (NYSE: TRC) ha recibido un fuerte respaldo de los líderes del condado de Kern que firmaron una carta apoyando a la Junta Directiva y la gerencia de la empresa, mientras se oponen a los esfuerzos de Bulldog Investors que podrían amenazar el desarrollo de las Comunidades Maestras Planificadas de Tejon. La carta, respaldada por los Senadores Estatales Shannon Grove y Melissa Hurtado, los Miembros de la Asamblea Estatal Stan Ellis y Dr. Jasmeet Bains, y los Supervisores del condado de Kern, enfatiza la asociación crucial entre Tejon y el condado de Kern.
La Supervisora Leticia Perez destacó a Tejon Ranch como una "joya del condado de Kern" con casi dos siglos de asociación económica. El Supervisor Chris Parlier subrayó la experiencia de la Junta en el desarrollo de grandes Comunidades Maestras Planificadas en el desafiante entorno regulatorio de California, contrastando su enfoque con la perspectiva que calificó como la de un "activista serial de poder por representación" de Bulldog.
Tejon Ranch Co. (NYSE: TRC)는 Kern 카운티 지도자들로부터 강력한 지지를 받았으며, 이들은 회사 이사회와 경영진을 지지하는 서한에 서명하고 Tejon의 마스터 플랜 커뮤니티 개발을 위협할 수 있는 Bulldog Investors의 노력을 반대했습니다. 이 서한은 주 상원의원 Shannon Grove와 Melissa Hurtado, 주 하원의원 Stan Ellis와 Dr. Jasmeet Bains, 그리고 Kern 카운티 감독관들이 지지했으며, Tejon과 Kern 카운티 간의 중요한 파트너십을 강조합니다.
감독관 Leticia Perez는 Tejon Ranch를 거의 200년에 걸친 경제적 파트너십을 가진 "Kern 카운티의 보석"이라고 강조했습니다. 감독관 Chris Parlier는 캘리포니아의 까다로운 규제 환경에서 대규모 마스터 플랜 커뮤니티를 개발하는 이사회의 전문성을 강조하며, Bulldog의 "연속 대리인 행동주의자" 관점과 대조했습니다.
Tejon Ranch Co. (NYSE : TRC) a reçu un fort soutien des dirigeants du comté de Kern qui ont signé une lettre appuyant le conseil d'administration et la direction de l'entreprise, tout en s'opposant aux efforts de Bulldog Investors qui pourraient menacer le développement des communautés planifiées maîtresses de Tejon. La lettre, approuvée par les sénateurs d'État Shannon Grove et Melissa Hurtado, les membres de l'Assemblée d'État Stan Ellis et Dr. Jasmeet Bains, ainsi que les superviseurs du comté de Kern, souligne le partenariat crucial entre Tejon et le comté de Kern.
La superviseure Leticia Perez a qualifié Tejon Ranch de "joyau du comté de Kern" avec près de deux siècles de partenariat économique. Le superviseur Chris Parlier a souligné l'expertise du conseil dans le développement de grandes communautés planifiées maîtresses dans l'environnement réglementaire complexe de Californie, contrastant leur approche avec ce qu'il a qualifié de perspective "d'activiste proxy en série" de Bulldog.
Tejon Ranch Co. (NYSE: TRC) hat starke Unterstützung von Führungskräften des Kern County erhalten, die einen Brief unterzeichnet haben, der den Vorstand und das Management des Unternehmens unterstützt und sich gegen die Bemühungen von Bulldog Investors stellt, die die Entwicklung der Master Planned Communities von Tejon gefährden könnten. Der Brief, der von Staatssenatoren Shannon Grove und Melissa Hurtado, Staatsabgeordneten Stan Ellis und Dr. Jasmeet Bains sowie den Aufsichtsräten des Kern County unterstützt wird, betont die entscheidende Partnerschaft zwischen Tejon und Kern County.
Aufsichtsrätin Leticia Perez bezeichnete Tejon Ranch als "Kronjuwel des Kern County" mit einer fast zweihundertjährigen wirtschaftlichen Partnerschaft. Aufsichtsratsmitglied Chris Parlier hob die Expertise des Vorstands bei der Entwicklung groß angelegter Master Planned Communities im herausfordernden regulatorischen Umfeld Kaliforniens hervor und stellte diesen Ansatz dem von ihm als "seriellen Proxy-Aktivisten" charakterisierten Ansatz von Bulldog gegenüber.
- None.
- Facing opposition from activist investor Bulldog Investors
- Development of Master Planned Communities potentially at risk due to proxy battle
Insights
Kern County officials strongly back Tejon Ranch's current leadership against activist investor Bulldog, indicating local political support for TRC's development plans.
This letter of support from multiple Kern County officials represents a significant political alignment behind Tejon Ranch's current board and management team in what appears to be an ongoing proxy contest with activist investor Bulldog Investors. The strong show of support comes from an impressive cross-section of local leadership, including state senators, assembly members, and county supervisors from both sides of the political aisle.
What makes this particularly noteworthy is the officials' explicit concern that Bulldog's activist efforts could jeopardize Tejon's Master Planned Communities, suggesting these projects have reached critical development stages that could be disrupted by board or management changes. Supervisor Perez's characterization of Tejon as a "crown jewel of Kern County" and reference to "nearly two centuries of cooperation" highlights the deeply embedded relationship between the company and local government.
The specific mention that Tejon's board "understands what it takes to develop large-scale Master Planned Communities in California" points to the complex regulatory environment that represents a significant barrier to entry in California real estate development. Supervisor Parlier's comment that "to a serial proxy activist, these Master Planned Communities are little more than architect's renderings" suggests Bulldog may be advocating for shorter-term financial returns over long-term development plans.
For investors, this letter indicates strong local political support for Tejon's current strategic direction, which could be crucial in navigating California's notoriously difficult approval processes for large-scale developments. The broad bipartisan support suggests minimal local political risk to the company's development plans under current leadership.
State legislators, County supervisors highlight critical role of Tejon Master Planned Communities for economic development and growth
TEJON RANCH, Calif., May 09, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE: TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today distributed a letter to shareholders signed by Kern County leaders in support of Tejon’s Board and management and opposing efforts by Bulldog Investors (“Bulldog”) that would jeopardize the development of Tejon’s Master Planned Communities.
The letter, signed by State Senators Shannon Grove and Melissa Hurtado, State Assemblymembers Stan Ellis and Dr. Jasmeet Bains, and Kern County Supervisors Chris Parlier, Jeff Flores and Leticia Perez, emphasized both the long-standing partnership between Tejon and Kern County and the critical role Tejon’s Master Planned Communities represent for long-term, sustainable growth in Kern County.
“Tejon Ranch is a crown jewel of Kern County and one of Kern’s most trusted business and community partners,” said Kern County Fifth District Supervisor and 2025 Chairwoman of the Board of Supervisors Leticia Perez. “Tejon’s leadership has been part of the foundation for the building of Kern’s economic success for nearly two centuries. Tejon’s reliable partnership with Kern County stems from the Tejon Board’s extensive historical knowledge of our region. The loss of this long term and intimate relationship between Tejon’s current leadership and the people of Kern, would undermine the nearly two centuries of cooperation in our community and endanger the stability of our economy.”
“Tejon has been an engaged corporate citizen and forward-thinking partner for decades,” said Kern County Second District Supervisor Chris Parlier, whose district includes the Kern County portions of Tejon Ranch. “Tejon’s Board understands what it takes to develop large-scale Master Planned Communities in California, and they’ve pursued bold and innovative strategies for navigating the State’s challenging regulatory environment. To a serial proxy activist, these Master Planned Communities are little more than architect’s renderings and investor presentations. But to the people I represent, they are real. They are our future.”
The full letter is attached.
About Tejon Ranch Co. (NYSE: TRC)
Tejon Ranch Co. is a diversified real estate development and agribusiness Company whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the Company, please go to www.tejonranch.com.
Forward-Looking Statements
This communication contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding Tejon’s plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect Tejon’s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, Tejon does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. Tejon’s business results are subject to a variety of risks, including business conditions and the general economy, future commodity prices and yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect Tejon’s business results, refer to Tejon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission.
Additional Information and Where to Find It
Tejon has filed a definitive proxy statement on Schedule 14A and WHITE proxy card with the SEC in connection with its solicitation of proxies for its 2025 Annual Meeting of Shareholders.
SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY TEJON AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents and other documents Tejon files with the SEC free of charge at the SEC’s website at www.sec.gov. Copies of the documents filed by Tejon are also available free of charge by accessing Tejon’s website at www.tejonranch.com.
Participants
Tejon, its directors, certain of its executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Tejon. The identity of individual participants and information about their direct and indirect interests in the solicitation is available in Tejon’s definitive proxy statement filed with the SEC on April 3, 2025 under “Supplemental Information Regarding Participants in the Solicitation” in Appendix A, which is available free of charge at the SEC’s website at www.sec.gov.
Contacts:
Investors
Nicholas Ortiz
Tejon Ranch Co., Senior Vice President, Corporate Communications & Public Affairs
661-663-4212
nortiz@tejonranch.com
Media
Eric Brielmann / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
May 9, 2025
Dear Tejon Ranch Shareholders:
We write you today as Kern County community and civic leaders to demonstrate our appreciation of your investment in Tejon Ranch Company and trust in the Tejon Board of Directors.
We ask you to continue supporting the Tejon Board, which has long been an engaged corporate citizen in our region. We take immense pride that Tejon is headquartered in Kern County, and we are appreciative to have a partner like Tejon committed to positioning our region for long-term sustainable growth.
Kern County is proud of our reputation for successfully navigating the California Environmental Quality Act, ensuring environmental protection while enabling economic growth. As a developer, Tejon has demonstrated ingenuity and thoughtfulness in its land use entitlement strategy, with Tejon Ranch Commerce Center serving as the test case that has been studied and replicated to entitle and permit renewable and traditional energy projects in Kern County and leveraged as a model across the state.
We want to be clear: the success of Tejon’s master planned communities is key to the future success of not only Tejon Ranch but also Kern County. With calls to liquidate Tejon’s master planned communities, Bulldog’s proxy contest at Tejon has become more than a corporate governance issue; it has become a public policy concern for Kern County. We cannot sit idly by while a serial proxy activist runs a campaign that could undo the decades of work Tejon has spent developing its assets, jeopardizing projects that are closely intertwined with our County’s future economic growth and community development.
While Bulldog pursues its adversarial campaign with no concrete plan, the Tejon Board and management team are focused on delivering value for both its shareholders and our region.
We want our constituents and neighbors to understand how important Tejon’s master planned communities are not only for the future of the Company, but also the future of California. We are proud to be forward thinking partners with a company like Tejon and look forward to a long and mutually rewarding future in the years and decades to come.
Sincerely,
The Honorable Shannon Grove
Senator, 12th District
California State Senate
The Honorable Melissa Hurtado
Senator, 16th District
California State Senate
The Honorable Stan Ellis
Assemblymember, 32nd District
California State Assembly
The Honorable Chris Parlier
Supervisor, Second District
Kern County
The Honorable Leticia Perez
Supervisor, Fifth District
2025 Chairwoman of the Board of Supervisors
Kern County
The Honorable Dr. Jasmeet Bains
Assemblymember, 35th District
California State Assembly
The Honorable Jeff Flores
Supervisor, Third District
Kern County
FAQ
What is the current situation between Tejon Ranch (TRC) and Bulldog Investors?
Who are the key supporters backing Tejon Ranch's current board?
Why are Kern County leaders supporting Tejon Ranch's current board?
What is at stake in the Tejon Ranch (TRC) proxy battle with Bulldog Investors?
