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News Breaks | | | | March 15, 2013 | | 06:46 EDT |  | CWH | Corvex amends complaint against CommonWealth REIT
Corvex Management and Related Fund Management announced that in order to facilitate their previously announced solicitation of written consents from the shareholders of Commonwealth REIT to remove the entire board of trustees, they are amending their complaint pending in Maryland State Court against CWH, its board, including Barry M. Portnoy, Adam D. Portnoy, Joseph L. Morea, William A. Lamkin and Frederick N. Zeytoonjian, and its external manager, Reit Management & Research. Pursuant to the amended complaint, Corvex and Related are seeking that the Court declare null and void various bylaw amendments that the board has implemented to attempt to restrict shareholders' ability to act by written consent. Corvex and Related strongly believe such bylaw provisions implemented by the board are in clear contravention of CWH's charter, which expressly grants all shareholders the right to act by written consent. Corvex and Related are also filing in Maryland State Court a motion for partial summary judgment on this matter. | |
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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 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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