NEW YORK, March 26, 2014 /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 commented on CommonWealth's confirmation of
the removal of its entire Board of Trustees.
Keith Meister of Corvex and Jeff T.
Blau of Related, said: "This is a great day for corporate
democracy. We are pleased that the former Trustees of CommonWealth
have acknowledged the success of our consent solicitation, in which
holders of over 81% of the outstanding shares exercised their
rights and issued a resounding mandate for change at CommonWealth.
A promising new path of alignment, accountability, and long term
value creation awaits CommonWealth shareholders.
However, we are disappointed that, despite our best efforts over
the last week, the former Trustees failed to engage with us to
arrange for a transition process that could have set CommonWealth
on its new path sooner and avoided leaving CommonWealth without a
Board for any period of time. In light of the circumstances,
we urge the officers of CommonWealth to heed the mandate given by
holders of 81% of the outstanding shares and expeditiously call for
a special meeting to elect a new board. We believe such meeting can
be held well before the outside date communicated by the company.
We will seek to work with CommonWealth's officers and the
Arbitration Panel to make sure the special meeting occurs as soon
as possible."
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.
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 solicit
proxies to elect a slate of new trustees at the special meeting of
shareholders. 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.
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 Fund Management LLC