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March 26, 2014
08:03 EDTCWHCorvex and Related comment on CommonWealth REIT removal of board of trustees
Corvex Management and Related Fund Management, who collectively own approximately 9.6% of the outstanding shares of CommonWealth REIT, commented on the company's confirmation of the removal of the entire board of trustees: "This is a great day for corporate democracy. We are pleased that the former Trustees of CommonWealth have acknowledged the success of our consent solicitation, in which holders of over 81% of the outstanding shares exercised their rights and issued a resounding mandate for change at CommonWealth... However, we are disappointed that, despite our best efforts over the last week, the former Trustees failed to engage with us to arrange for a transition process that could have set CommonWealth on its new path sooner and avoided leaving CommonWealth without a Board for any period of time. In light of the circumstances, we urge the officers of CommonWealth to heed the mandate given by holders of 81% of the outstanding shares and expeditiously call for a special meeting to elect a new board."
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