After Marcato released a presentation urging Dillard’s (DDS) to split off its real estate into a REIT, the company unveiled a new $500mm share repurchase program (~10% of S/O). Source: Filing
Our last update was titled “Activist Marcato Capital released a presentation urging Dillard’s (DDS) to split off its real estate into a REIT”
“Activist investor Marcato Capital Management (4.9% stake) released a presentation urging Dillard’s (DDS) to split off its real estate into a REIT, outside of the operating company. It compared the plan to several other major co’s that have taken a similar approach including Sears, HBC, and Loblaw. Marcato estimated that the combined value of the companies, if this approach is taken, would increase 75% to $193 per share. See the full presentation here ”
