NEW YORK, Aug. 8, 2013
/PRNewswire/ -- Corvex Management LP ("Corvex") and Related
Fund Management, LLC ("Related"), whose separately managed
investment funds collectively own approximately 9.6% of the
outstanding shares of CommonWealth REIT (NYSE:CWH), commented on an
interim order issued yesterday by the arbitration panel.
The arbitration panel concluded that bylaw provisions that
sought to impose a minimum requirement of three years and three
percent holdings for shareholders to request a record date for a
consent solicitation are invalid as a matter of law. The panel also
noted in the ruling its preliminary view that, contrary to
CommonWealth's public assertions, the opt-in by CommonWealth in
April 2013 to Section 3-803 of the
Maryland General Corporation Law does not eliminate or otherwise
modify the right of the shareholders of CommonWealth to remove
trustees without cause. An evidentiary hearing scheduled for
October 2013 will address the
validity of Corvex and Related's consent solicitation, in which the
holders of over 70% of the outstanding shares voted to remove the
entire board.
Keith Meister of Corvex and
Jeff T. Blau of Related issued the
following statement: "Today's decision is a tremendous victory for
shareholder rights and for all CommonWealth shareholders. We are
gratified by the decision and look forward to October's evidentiary
hearing and an expeditious and favorable resolution that will
enable shareholders to regain control of CommonWealth by
year-end."
About Corvex Management
LP
Corvex Management LP is an investment firm headquartered in
New York, New York that engages in
value-based investing across the capital structure in situations
with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach
to investing with a specific focus on equity investments, special
situations and distressed securities largely in North America.
About Related Fund Management
LLC
Related Fund Management, LLC is an affiliate of Related Companies,
one of the most prominent privately-owned real estate firms in
the United States. Formed 40 years
ago, Related is a fully-integrated, highly diversified industry
leader with experience in virtually every aspect of development,
acquisitions, management, finance, marketing and sales. Related's
existing portfolio of real estate assets, valued at over
$15 billion, is made up of
best-in-class mixed-use, residential, retail, office and affordable
properties. For more information about Related Companies please
visit www.related.com.
SOURCE Related Fund Management, LLC