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News Breaks | | | | March 13, 2013 | | 06:35 EDT |  | CWH | Corvex, Related file consent solicitation, hire Deutsche for CWH stake
Corvex Management and Related Fund Management announced that they have filed a preliminary consent solicitation statement with the SEC for shareholders to act by written consent to effect the removal of the entire board of trustees of CommonWealth REIT. CWH's charter permits holders of two-thirds of the outstanding shares to remove trustees without cause by written consent, the shareholders said. The activist investors added, "Corvex and Related believe that their proposal to remove the entire board of trustees as a first step, if supported by shareholders, will send a clear and unequivocal message to Barry Portnoy and his son, Adam, that the time has come for them to be held accountable to the true owners of CWH. This process also presents a clean path for all shareholders to fairly participate in the process of electing replacement trustees without the oversight of an interested board." Corvex and Related also announced that they have engaged Deutsche Bank as their financial advisor in connection with their investment in CWH. They said Deutsche Bank is "highly confident of its ability to arrange third party debt financing to replace the Company's existing term loan and revolving credit agreement." | |
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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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| May 15, 2013 | | 12:59 EDT | | CWH | Corvex, Related comment on result of CommonWealth annual meeting
 Subscribe for More Information | | | 09:04 EDT | | CWH | CommonWealth says Morea failed re-election as trustee, accepts appointment
CommonWealth REIT announced the results of its annual meeting, held yesterday. Joseph Morea received less than the majority of shares required to be re-elected as an Independent Trustee. As a result, Morea resigned from the Board. "The Board determined that the insufficient vote for Mr. Morea appeared not to be directed at any personal failings of Mr. Morea, but rather to be the result of the positions taken by the Board to oppose the hostile takeover efforts being pursued by Corvex Management LP and Related Fund Management, LLC. In these circumstances, and because the Board’s determination that Mr. Morea’s continued service and leadership would be in the Trust’s best interest, the Board requested that Mr. Morea accept appointment to the vacancy created by his resignation," the company said. Morea subsequently accepted appointment as an Independent Trustee. Shareholders also approved, with 75% of all shares voted, a nonbinding, advisory proposal approving the compensation paid to CWH’s named executive officers and approved, with 81% of all shares voted, the ratification of the appointment of Ernst & Young LLP as CWH’s independent registered public accounting firm. | |
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