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News For CWH From The Last 14 Days Check below for free stories on CWH the last two weeks. |
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| June 19, 2013 | | 13:17 EDT |  | CWH | Corvex, Related offer to buy 51% of CommonWealth's credit agreement
Corvex Management and Related Fund Management, whose funds collectively own approximately 9.6% of the outstanding common shares of CommonWealth REIT, issued the following statement regarding misleading statements made by CommonWealth and its representatives regarding the effects of the removal of the entire board of trustees on CommonWealth's outstanding debt obligations: "In order to put an end to CommonWealth's scare tactic campaign and alleviate any shareholder concern we hereby commit that, in the event our consent solicitation is successful and shareholders remove the entire board of trustees, Corvex and Related will immediately offer to buy 51% of the outstanding debt under each of CommonWealth's revolving credit agreement and term loan at par value, so that no acceleration of such loans will occur. Since no such acceleration will occur, cross-acceleration provisions included in other CommonWealth debt obligations will not be triggered and should be of no concern to shareholders. We continue to believe that the removal of the entire board is the only way to effect meaningful change, a position shared by both ISS and Glass Lewis, and we are gratified by the show of support from both large and retail investors. We hope that in light of the foregoing commitment, CommonWealth's trustees will now cease threatening their own shareholders." | | | June 17, 2013 | | 10:39 EDT | | CWH | CommonWealth REIT urges shareholders to take no action to Corvex solicitation
 Subscribe for More Information | | | 09:03 EDT | | CWH | Corvex and Related expresses "unacceptable value" for Commonwealth REIT
Subscribe for More Information | | | June 14, 2013 | | 13:11 EDT | | CWH | Marcato Capital urges removal of CommonWealth board
Marcato Capital, a San Francisco-based investment manager that holds approximately 3.7M common shares or approximately 3.1% of the common shares outstanding of CommonWealth REIT, sent a letter to CommonWealth’s independent trustees. In its letter, Marcato agreed with ISS' recommendation that shareholders vote in favor of the removal of the current board. | | | 12:05 EDT | | CWH | CommonWealth REIT comments on ISS report
CommonWealth REIT issued the following statement in response to a recent report from Institutional Shareholder Services regarding the purported written consent solicitation by Corvex Management, Related Fund Management, and others to remove without cause all of the members of CommonWealth's Board: "The Company strongly believes that it is not appropriate for ISS to issue any report or recommendation at this time, as no valid record date has been set and the Corvex/Related activities do not constitute a valid consent solicitation. The validity of the Corvex/Related consent solicitation depends upon a court or an arbitration panel making a number of findings, including that certain of CommonWealth's bylaws are invalid and that its Board members may be removed without cause. The company is also disappointed that ISS issued this report before it is appropriate to do so because it will likely cause confusion among CommonWealth shareholders." The company urges shareholders to ignore the premature recommendation issued by ISS and discard any materials they may have received from Corvex/Related. There is no valid consent solicitation underway and no action is necessary - or even possible - for CommonWealth shareholders to take at this time. | |
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