NEW
YORK, Dec.
3, 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), today announced
that they have filed a preliminary solicitation
statement with the Securities and Exchange Commission
to remove the entire board of trustees in accordance with
the rules implemented by the Arbitration
Panel ruling on November 18,
2013. Corvex and Related will also
seek to solicit proxies from fellow shareholders to elect five new
trustees at a subsequent special meeting to
be promptly called upon the
successful completion of the consent
solicitation to remove the
board.
Keith Meister of
Corvex and Jeff T. Blau of Related
said: "We continue to take the steps necessary to empower
shareholders to take back CommonWealth
through the removal of the entire board of trustees. The
facts speak for themselves. From 2007 through
2012 the fees paid by CommonWealth
to the Portnoy-owned RMR increased
29.5%, while, at the same
time, shareholders suffered a 67.5% drop in share
price. We believe our consent
solicitation will enable shareholders to elect truly independent
and accountable trustees in the near term and serve as a referendum
on the value destruction under
CommonWealth's current trustees and
management."
Corvex and Related are currently
engaged in an active dialogue with
shareholders to identify a truly independent slate of
highly qualified nominees who are prepared to
work on behalf of all
CommonWealth shareholders. Corvex
and Related continue to ask their fellow shareholders to contact
them with any suggestions regarding potential
nominees.
Additional Information Regarding the
Solicitation
Corvex Management LP and Related Fund Management,
LLC have filed today a
solicitation statement with the Securities and Exchange
Commission (the "SEC") to (1) solicit
consents to remove the entire board of trustees
of CommonWealth REIT (the "Removal
Proposal"), and (2) elect five new trustees at a special meeting of
shareholders that must be promptly called in the event that the
Removal Proposal is successful.
Investors and security holders are urged to read the
preliminary solicitation statement in its entirety, and the
definitive solicitation statement and other relevant documents when
they become available, because they will contain important
information regarding the solicitation. The
preliminary and definitive solicitation statement and all other
relevant documents will be available, free of charge, on the SEC's
website at www.sec.gov.
The following persons are participants in connection
with the solicitation of CommonWealth
REIT shareholders: Corvex Management LP,
Keith Meister, Related Fund
Management, LLC, Related Real Estate Recovery Fund GP-A, LLC,
Related Real Estate Recovery Fund GP,
L.P.,
Related Real Estate Recovery Fund,
L.P., RRERF
Acquisition, LLC, Jeff T. Blau,
Richard O'Toole and David R. Johnson. Information regarding the
participants in the solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, to the
extent applicable, is available in the
preliminary solicitation statement filed with
the SEC on December 3,
2013.
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.
For further information, contact:
Rupal Doshi
Corvex
(212)
474-6750
rdoshi@corvexcap.com
Joanna Rose
Related
(212)
801-3902
jrose@related.com
INVESTORS:
Edward McCarthy /
Richard
Grubaugh
D.F.
King & Co., Inc.
(212)
269-5550
SOURCE Related Companies