CommonWealth REIT: Corvex/Related looking to 'disrupt' business CommonWealth REIT issued the following statement in response to the notice by Corvex Management LP and Related Fund Management, LLC of their intention to undertake a new consent solicitation following the Arbitration Panelís ruling last week that Corvex/Relatedís earlier consent solicitation was invalid: "We are disappointed, but not surprised, that Corvex/Related are undertaking a new consent solicitation to remove our Trustees without cause and we intend to vigorously oppose their effort. For almost ten months, Corvex/Related have caused disruption to CWHís business while they relentlessly pursue a hostile takeover of the company. While it is likely that this new effort by Corvex/Related also will be disruptive to CWH, the Board and management remain focused on conducting CWHís business in the best interest of all shareholders. CWH remains focused on implementing its strategic plan, which involves repositioning the companyís portfolio towards high value office buildings located in urban and downtown locations and disposing of suburban properties and other non-core assets. We have made good progress in this effort during the last year...It is the Boardís and managementís view that Corvex/Related do not have any plan for CWH other than to disrupt its business and seize control of the company for short term gains and their separate benefits. We are confident that shareholders will support the Board in the upcoming consent solicitation because it has demonstrated a commitment to acting in the best interest of all shareholders."
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