NEW YORK, Sept. 23, 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 today on governance changes announced by
CommonWealth.
Keith Meister of Corvex and
Jeff T. Blau of Related issued the
following statement:
"Today's announcement is nothing more than hollow rhetoric and a
desperate attempt to keep Barry
Portnoy and his son Adam in control of CommonWealth.
In particular, the "governance enhancements" lack substance and
constitute mere window dressing by a rogue board that was removed
from office over three months ago by the holders of more than 70%
of the outstanding shares. Shareholders should note that these
"to-be proposed" governance changes contain widespread caveats and
would not even be considered, if ever, until after the arbitration
is expected to be completed. It should also be noted that we
consented to the dismissal of the damages claim to expedite the
arbitration process. We remain confident that the arbitration panel
will validate our prior consent solicitation at the end of next
month's hearing."
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 Companies