CommonWealth REIT Reacts to Recent Announcement by Related/Corvex
12 Fevereiro 2014 - 1:52AM
Business Wire
CommonWealth REIT (NYSE:CWH) responded to the announcement that
Sam Zell and David Helfand have been enlisted by Related Fund
Management LLC and Corvex Management LP (“Related/Corvex”). Adam
Portnoy, President and Managing Trustee of CWH, said:
“The announcement by Related/Corvex that Mr.
Zell may serve as Chairman and Mr. Helfand may serve as CEO of CWH
is an obvious attempt to divert shareholder attention from
Related’s abysmal historical track record of operating public real
estate companies. I am surprised that Mr. Zell and Mr. Helfand have
joined the efforts by Related/Corvex in their pursuit of full
control of CWH without first approaching CWH to fully understand
the Company’s business plan and the Board’s commitment to
governance enhancements. The track record of Related’s principals
when they have controlled publicly owned real estate companies is
certainly not in keeping with the public company governance
principles that Mr. Zell has espoused. I also hope that Messrs.
Zell and Helfand will be more transparent than Related/Corvex have
been to date about agreements and understandings that may affect
CWH, including those concerning possible future compensation from
CWH and their reported option agreement to purchase $90 million of
CWH common shares from Related/Corvex.”
“Although Corvex/Related have identified a
handpicked slate of Trustees that will implement their plan to take
control of CWH without paying other shareholders a premium, CWH
shareholders should be aware that there is not a Trustee election
taking place at this time. Related/Corvex are acting as though they
can disregard the processes intended to ensure that all CWH
shareholders have a voice.”
CommonWealth REIT is a real estate investment trust that
primarily owns office properties in central business district
locations throughout the U.S. CWH is headquartered in Newton,
MA.
ADDITIONAL INFORMATION
REGARDING THE CONSENT SOLICITATION
CWH, its Trustees and certain of its executive officers, and
Reit Management & Research LLC and certain of its directors,
officers and employees may be deemed to be participants in the
solicitation of consent revocations from shareholders in connection
with the solicitation being conducted by Related/Corvex. On January
29, 2014, CWH filed a definitive consent revocation statement with
the SEC in response to the Related/Corvex solicitation and has
mailed the definitive consent revocation statement and form of
WHITE consent revocation card to each shareholder. SHAREHOLDERS ARE
URGED TO READ THE CONSENT REVOCATION STATEMENT FILED WITH THE SEC,
AND ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY OTHER RELEVANT
DOCUMENTS THAT CWH MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Additional information
regarding the identity of the potential participants and their
direct or indirect interests, by share holdings or otherwise, is
set forth in the definitive consent revocation statement filed by
CWH with the SEC in connection with the solicitation of revocations
of consents.
Shareholders may obtain free of charge copies of the definitive
consent revocation statement and any other documents filed by CWH
with the SEC in connection with the Related/Corvex solicitation at
the SEC’s website (http://sec.gov), at CWH’s website
(http://cwhreit.com) or by requesting these materials from Timothy
Bonang, by phone at (617) 796-8222, or by mail at Two Newton Place,
255 Washington Street, Newton, MA 02458 or by requesting materials
from the firm assisting CWH in the solicitation of consent
revocations, Morrow & Co., LLC, toll free at (800) 276-3011
(banks and brokers call collect at (203) 658-9400).
Media:Joele Frank Wilkinson Brimmer KatcherAndrew
Siegel/Jonathan Keehner212-355-4449orInvestor:CommonWealth
REITTimothy Bonang, Vice President, Investor RelationsJason
Fredette, Director, Investor
Relations617-796-8222www.cwhreit.com
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