NEW YORK, Feb. 14, 2014
/PRNewswire/ -- Corvex Management LP and Related Fund
Management, LLC today announced that they have delivered to
CommonWealth REIT (NYSE: CWH) a formal request for a record date
for their consent solicitation to remove the entire Board of
Trustees. Earlier this week CommonWealth announced a record
date of February 18, 2014,
conditioned on their receipt of the record date request that Corvex
and Related have now delivered. Therefore, in accordance with
the Arbitration Panel's interim award our consent solicitation will
be completed no later than March 20,
2014.
Keith Meister of Corvex and
Jeff T. Blau of Related said, "After
a year of obstruction and delay tactics by the Portnoys, we are
thrilled that shareholders of CommonWealth finally have the ability
to exercise their charter-given rights and cast their consent to
remove the entire Board of Trustees, and subsequently elect an
independent, highly qualified Board under the leadership of
Sam Zell. We firmly believe
the choice for CommonWealth shareholders is obvious when they
compare Zell's unrivaled track record of value creation in the real
estate industry against the Portnoys' atrocious track record of
mismanagement and corporate governance malfeasance. We look
forward to the beginning of a new chapter in the history of
CommonWealth."
Corvex and Related have issued an updated presentation, which is
available at www.shareholdersforcommonwealth.com. And since a
picture is worth a thousand words, we invite shareholders to click
here.
Most CommonWealth shareholders should by now have received our
GOLD consent card, and we urge them to sign, date and return the
GOLD card today. We remind shareholders that Internet voting
will not be available, so it is essential that they immediately
sign, date and return the GOLD consent card in the pre-paid return
envelope. If you have not received our materials yet or have
any questions, please call today DF King, our proxy solicitor, at
(800) 714-3313.
Additional Information Regarding the Solicitation
Corvex Management LP and Related Fund Management, LLC have filed
a definitive 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 a slate of 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 definitive solicitation statement and other relevant
documents because they contain important information regarding the
solicitation. The definitive solicitation statement and
all other relevant documents are available, free of charge, on the
SEC's website at www.sec.gov. 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 definitive solicitation
statement filed with the SEC on January 28, 2014 and
Supplement No. 1 filed with the SEC on February 13, 2014.
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