(Reuters) Texas Pacific Land Trust, one of the biggest private landowners in Texas, on Monday took a first step in fighting back against a large investor which is seeking to install its own trustee and begin selling off the firm’s portfolio.Texas Pacific plans to postpone by two weeks the date of a special meeting where shareholders will vote to fill a vacant trustee spot, a person with direct knowledge of the matter told Reuters. The meeting to replace Maurice Meyer III, one of three trustees who resigned his office earlier this year and died on March 24, will be on May 22.The proxy contest illustrates how even strongly performing companies can run afoul of activist investors at a time both experienced corporate agitators and newcomers are pushing corporations to perform better to help boost their own returns.
Texas Land Trust Takes Step to Counter Activist Investor
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