MGM Resorts International MGM
Land and Buildings will file its own proxy at MGM after the board rejected its four nominees, arguing a $1.5bn post-pitch rally proves shareholders back its real-estate-unlock plan.
Thesis
Land and Buildings, led by Jonathan Litt, announces it will file its own proxy statement at MGM Resorts International after the company excluded its four nominees (Matthew J. Hart, Richard Kincaid, Marc A. Weisman, and Jonathan Litt) from the MGM proxy without engaging in dialogue. L&B argues that the more than $1.5 billion of shareholder value created since the release of its March 17 presentation on MGM's undervaluation and embedded real estate value demonstrates broad shareholder support for its plan. The release reminds holders that the record date for MGM's 2015 Annual Meeting is March 30 and instructs them to unwind swap arrangements and move margin-held shares into cash accounts to preserve voting rights, signaling the transition from engagement to a contested proxy campaign.
SCQA
MGM Resorts International is a casino and hospitality operator whose underlying real estate Land and Buildings believes trades at a substantial discount to its intrinsic value within the public equity.
MGM's board excluded Land and Buildings' four qualified nominees from its proxy without any dialogue, signaling it prefers a contested fight to collaborative engagement on unlocking real estate value.
Land and Buildings will file its own proxy statement, asks shareholders to prepare to vote their shares by the March 30 record date, and urges the board to adopt its plan.
More than $1.5 billion of shareholder value has already been created since the March 17 presentation, evidence that adopting L&B's real-estate-unlock plan can drive further upside.
The three reasons
- 1
MGM board rejected L&B's four nominees without any dialogue
- 2
Market created $1.5bn in value after L&B's March 17 presentation
- 3
Substantial discount to real estate value needs to be unlocked
Primary demands
- Elect Land and Buildings' four nominees (Matthew J. Hart, Richard Kincaid, Marc A. Weisman, and Jonathan Litt) to the MGM board
- Unlock the substantial discount to real estate value embedded in MGM shares
- Engage constructively with Land and Buildings rather than pursue a contested election
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (1)
Notes
Short three-page press release, not a full deck. Announces escalation to a contested proxy fight after MGM rejected L&B's nominees (Matthew J. Hart, Richard Kincaid, Marc A. Weisman, Jonathan Litt). References but does not contain the underlying March 17, 2015 thesis presentation. Filename contains '2018-07-' prefix that does not match the document's actual March 20, 2015 date — likely an archival tag, not the document date. Contains standard proxy-solicitation boilerplate and forward-looking-statements disclaimer. Branded with Land and Buildings logo on page 1.