Tejon Ranch urges shareholders to vote for company’s director nominees

Tejon Ranch (TRC) has mailed a letter to shareholders in connection with its upcoming Annual Meeting of Shareholders to be held on May 13, 2025. The letter read, in part, “We value your investment and trust in the Tejon Board of Directors. We ask you to continue supporting our Board, which has continued to deliver for you and remains committed to generating long-term shareholder value. Our value creation strategy, aimed at unlocking the full potential of Tejon’s unique assets, is informed by disciplined capital allocation and discretionary spending under the oversight of our deeply experienced and highly qualified Board. We have a demonstrated track record of acting in shareholders’ best interests – regularly engaging with investors and fortifying our corporate governance practices to help ensure shareholder representation, accountability and, ultimately, shareholder returns. On the contrary, Bulldog Investors, a New Jersey-based hedge fund and serial proxy agitator, is running a campaign to derail our progress and install three unqualified director nominees on your Board, despite only just recently purchasing shares in TRC. Make no mistake, Bulldog’s nominees lack the requisite experience in real estate, land development and California-specific regulation needed to govern a company like Tejon. A vote in favor of Bulldog’s uninformed and ill-conceived ideas risks unravelling the purposeful work of Tejon’s Board and management team over several decades. Bulldog has yet to provide any reasoned or articulate approaches to realize enhanced value for shareholders. In fact, we believe Bulldog’s agenda would forego significant long-term gains for, if anything, a modest short-term return. Don’t be misled. Tejon has engaged with Bulldog in good faith since learning of their investment mere months ago. Despite this, Bulldog has chosen to pursue an opportunistic proxy contest, taking advantage of our shareholder-friendly cumulative voting structure in an attempt to obtain outsized influence over the Board and direction of this company.”