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  "documentTitle": "Taubman Centers, Inc. (TCO)",
  "authorId": "26_Land_and_Buildings",
  "authorName": "Jonathan Litt",
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  "presentationDate": "2018-05-10 00:00:00",
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      "kind": "callout",
      "text": "Our proposal is to eliminate the dual-class voting share structure",
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      "text": "Taubman's Board of Directors focuses only on the issuance outlined in option B, ignoring option A, which is to eliminate the dual-class voting share structure through a negotiation between the Board and the Taubman Family",
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      "text": "Taubman's slide showing the dilutive impact of the proposal",
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      "text": "Taubman's Board of Directors focuses only on the issuance outlined in option B, ignoring option A, which is to eliminate the dual-class voting share structure through a negotiation between the Board and the Taubman Family",
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      "text": "Taubman ignores in its presentation a critical part of our non-binding advisory proposal: First, the Board must act on the non-binding advisory proposal. Second, the proposal clearly outlines two options the Board can pursue to eliminate the dual-class voting share structure: Option A - \"such other amount of shares of Common Stock as Taubman Centers, Inc. and the members of the Taubman family shall agree\" Or... Option B - \"8,000,000 shares of Common Stock\", which reflects the exchange ratio approved by 98% of shareholders of Forest City in 2017",
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      "kind": "quote",
      "text": "Option A – \"such other amount of shares of Common Stock as Taubman Centers, Inc. and the members of the Taubman family shall agree\" — Land & Buildings Proposal",
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      "kind": "source-note",
      "text": "Source: Company filings, Forest City Realty Trust, Inc. (\"Forest City\" or \"FCE\") filings",
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      "kind": "title",
      "text": "Land & Buildings Non-Binding Advisory Proposal is Only as Dilutive as the Taubman Family Is Unreasonable, in Our View",
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