Tejon Urges Shareholders to Vote “FOR” ONLY the Company’s 10 Highly Qualified Director Nominees on the WHITE Proxy Card Ahead of Tomorrow’s Annual Meeting
Tejon Ranch Co. (NYSE: TRC) is urging shareholders to vote "FOR" their 10 director nominees on the WHITE Proxy Card ahead of the May 13, 2025 Annual Meeting. The company is facing a proxy contest from Bulldog Investors, who is attempting to install three directors. All three major proxy advisory firms - ISS, Glass Lewis, and Egan-Jones - have endorsed Tejon's nominees.
The company argues that Bulldog's candidates lack relevant experience in California real estate development, while Tejon's nominees bring crucial expertise in commercial and residential real estate. Tejon emphasizes that Bulldog's campaign could disrupt their progress in developing master-planned communities and threatens long-term value creation.
Tejon Ranch Co. (NYSE: TRC) invita gli azionisti a votare "A FAVORE" dei loro 10 candidati al consiglio di amministrazione sulla scheda proxy BIANCA in vista dell'Assemblea Annuale del 13 maggio 2025. L'azienda sta affrontando una sfida proxy da parte di Bulldog Investors, che cerca di nominare tre nuovi consiglieri. Tutte e tre le principali società di consulenza proxy - ISS, Glass Lewis e Egan-Jones - hanno espresso il loro sostegno ai candidati di Tejon.
L'azienda sostiene che i candidati di Bulldog non possiedono l'esperienza rilevante nello sviluppo immobiliare in California, mentre i nominati di Tejon apportano competenze essenziali nel settore immobiliare commerciale e residenziale. Tejon sottolinea che la campagna di Bulldog potrebbe compromettere i progressi nello sviluppo di comunità pianificate e minacciare la creazione di valore a lungo termine.
Tejon Ranch Co. (NYSE: TRC) insta a los accionistas a votar "A FAVOR" de sus 10 candidatos al directorio en la Tarjeta Proxy BLANCA antes de la Junta Anual del 13 de mayo de 2025. La empresa enfrenta una disputa proxy por parte de Bulldog Investors, que intenta nombrar a tres directores. Las tres principales firmas asesoras de proxy - ISS, Glass Lewis y Egan-Jones - han respaldado a los nominados de Tejon.
La compañía argumenta que los candidatos de Bulldog carecen de experiencia relevante en desarrollo inmobiliario en California, mientras que los nominados de Tejon aportan una experiencia crucial en bienes raíces comerciales y residenciales. Tejon enfatiza que la campaña de Bulldog podría interrumpir su progreso en el desarrollo de comunidades planificadas y amenaza la creación de valor a largo plazo.
Tejon Ranch Co. (NYSE: TRC)는 2025년 5월 13일 연례 회의 전에 주주들에게 WHITE 프록시 카드에서 10명의 이사 후보에게 "찬성" 투표할 것을 촉구하고 있습니다. 회사는 Bulldog Investors로부터 프록시 경쟁에 직면해 있으며, 이들은 3명의 이사를 선임하려 하고 있습니다. 주요 3대 프록시 자문사인 ISS, Glass Lewis, Egan-Jones 모두 Tejon의 후보를 지지했습니다.
회사는 Bulldog의 후보들이 캘리포니아 부동산 개발에 관련된 경험이 부족하다고 주장하는 반면, Tejon의 후보들은 상업용 및 주거용 부동산 분야에서 중요한 전문성을 보유하고 있습니다. Tejon은 Bulldog의 캠페인이 마스터플랜 커뮤니티 개발 진행을 방해하고 장기적인 가치 창출을 위협할 수 있다고 강조합니다.
Tejon Ranch Co. (NYSE : TRC) encourage les actionnaires à voter "POUR" leurs 10 candidats au conseil d'administration sur la carte de procuration BLANCHE avant l'assemblée annuelle du 13 mai 2025. L'entreprise fait face à une contestation de procuration de la part de Bulldog Investors, qui tente d'installer trois administrateurs. Les trois principales sociétés de conseil en procuration - ISS, Glass Lewis et Egan-Jones - ont toutes approuvé les candidats de Tejon.
L'entreprise soutient que les candidats de Bulldog manquent d'expérience pertinente dans le développement immobilier en Californie, tandis que les candidats de Tejon apportent une expertise cruciale dans l'immobilier commercial et résidentiel. Tejon souligne que la campagne de Bulldog pourrait perturber leurs progrès dans le développement de communautés planifiées et menacer la création de valeur à long terme.
Tejon Ranch Co. (NYSE: TRC) fordert die Aktionäre auf, vor der Hauptversammlung am 13. Mai 2025 für ihre 10 Direktorkandidaten auf der WEISSEN Stimmkarte zu stimmen. Das Unternehmen sieht sich einem Proxy-Kampf von Bulldog Investors gegenüber, die versuchen, drei Direktoren zu installieren. Alle drei großen Proxy-Beratungsfirmen – ISS, Glass Lewis und Egan-Jones – haben die Kandidaten von Tejon unterstützt.
Das Unternehmen argumentiert, dass die Kandidaten von Bulldog nicht über relevante Erfahrung in der Immobilienentwicklung in Kalifornien verfügen, während die Kandidaten von Tejon wichtige Expertise im gewerblichen und privaten Immobilienbereich mitbringen. Tejon betont, dass die Kampagne von Bulldog den Fortschritt bei der Entwicklung von Masterplan-Gemeinschaften stören und die langfristige Wertschöpfung gefährden könnte.
- All three leading proxy advisory firms (ISS, Glass Lewis, Egan-Jones) have endorsed Tejon's director nominees
- Current board has experience specifically in California's commercial and residential real estate industry
- Company has support from state and local leaders
- Company faces potential board disruption from activist investor Bulldog
- Risk of derailing current development plans if Bulldog's nominees are elected
Insights
Tejon faces critical proxy contest with Bulldog Investors that could determine control over the company's real estate development strategy.
Tejon Ranch is engaged in a high-stakes proxy battle against activist investor Bulldog Investors, with voting set to conclude at tomorrow's annual meeting. This contest represents a significant governance inflection point for the company, as Bulldog seeks to place three directors on Tejon's board. The proxy fight centers on strategic direction for Tejon's substantial California real estate holdings, with the incumbent board emphasizing long-term development of master-planned communities.
What's particularly notable is the unanimous support Tejon has received from all three major proxy advisory firms - ISS, Glass Lewis, and Egan-Jones. Such unanimous advisor alignment is relatively uncommon in contested elections and suggests material deficiencies in Bulldog's alternative slate. Tejon characterizes Bulldog's nominees as lacking relevant experience in California real estate development, instead positioning them as proxy contest specialists from the closed-end fund space.
The timing is critical as Tejon states it's entering a "critical phase of growth" in its real estate development cycle. The proxy contest fundamentally represents competing visions: Tejon's current strategy of patient, long-term development versus what they characterize as Bulldog's "short-term agenda." The strong endorsement from advisory firms indicates shareholders may favor management's approach, though the ultimate outcome depends on institutional and retail investor voting patterns through tomorrow's deadline.
TEJON RANCH, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE: TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today reminded all Tejon shareholders to vote “FOR” ONLY Tejon’s 10 highly qualified director nominees on the Company’s WHITE Proxy Card in connection with its Annual Meeting of Shareholders scheduled for May 13, 2025. Additional information, including details on how to vote, can be found at www.VoteForTejon.com.
Tejon issued the following statement:
Ahead of tomorrow’s Annual Meeting, you have the opportunity to make a critical decision that impacts our company. Our Board of Directors and executive team have worked to position Tejon for long-term growth and establish a clear path toward strategic value creation. With decades of progress at stake, now is the time to take action to protect your investment. Your vote is important, no matter how many shares you own.
Bulldog Investors (“Bulldog”) is attempting to install three unqualified individuals whose experience waging proxy fights at closed-end funds is entirely unrelated to navigating the complicated real estate development process in California. Bulldog has shown an astonishing lack of effort in articulating any credible plan, demonstrating that it will not bring the diligence and thoughtfulness required to support Tejon’s continued growth. Bulldog’s self-serving campaign threatens to derail our work developing true master-planned communities for the benefit of all Tejon stakeholders and the State of California.
By contrast, Tejon’s directors bring expertise that is crucial to our business, particularly regarding California’s commercial and residential real estate industry. Our directors have proven that they can successfully execute Tejon’s strategy and are committed to acting in the best interests of our shareholders. Our Board’s leadership and dedication are exactly what Tejon needs to thrive going forward as we enter this critical phase of growth.
Independent third parties, including all three leading proxy advisory firms – ISS, Glass Lewis and Egan-Jones – also recognize the deficiencies in Bulldog’s campaign. They all have endorsed Tejon’s 10 director nominees, emphasizing that our Board is best positioned to drive our company forward. Tejon’s nominees have earned the trust and support of state and local leaders because they bring the experience to help shape the region’s future.
Time is running out! We urge you to vote TODAY “FOR” ONLY Tejon’s 10 director nominees – Steven A. Betts, Gregory S. Bielli, Denise Gammon, Anthony L. Leggio, Jeffrey J. McCall, Norman J. Metcalfe, Eric H. Speron, Daniel R. Tisch, Michael H. Winer and Kenneth G. Yee – on the Company’s WHITE proxy card. Do not let Bulldog’s short-term agenda disrupt the long-term value we are delivering. The future of Tejon and your investment depends on your vote.
| YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN. |
| YOU MAY VOTE BY THE INTERNET OR MAIL BY FOLLOWING THE INSTRUCTIONS ON THE WHITE PROXY CARD. WE URGE YOU TO VOTE TODAY! |
| If you have any questions or require any assistance with voting your shares, please contact: |
| D.F. King & Co., Inc. 48 Wall Street New York, NY 10005 Banks and Brokers: (212) 390-0450 All Others: (866) 796-7184 Email: TRC@dfking.com |
Vestra Advisors is serving as financial advisor to Tejon and Gibson, Dunn & Crutcher LLP is serving as the Company’s legal advisor.
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
FAQ
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