NEW YORK, May 12, 2014 /PRNewswire/ -- Corvex
Management LP and Related Fund Management, LLC, whose separately
managed investment funds collectively own approximately 9.6% of the
outstanding shares of CommonWealth REIT (NYSE:CWH), today announced
that Institutional Shareholder Services (ISS) and Glass Lewis &
Co., the two leading independent proxy advisory firms, have
recommended that shareholders vote for all of the seven nominees
that were proposed by Corvex and Related.
In its report, ISS made the observations below:
"As the seven nominees appear to have deep, relevant background
in the industry, and were previously presented to and effectively
ratified by shareholders as part of the consent solicitation,
support for all seven nominees is warranted.
The slate appears well-qualified to oversee this REIT, given
Zell's long and successful experience in creating and managing
REITS (including one with the same business profile as
CommonWealth). Helfand, as CEO nominee appears to have
credible experience for that role, much of it working alongside
Zell at REITs or other real estate businesses Zell created. Three
others – Corl, Lozier, and Shea – have executive experience in real
estate as well, and the remaining nominees – Glickman and Linneman
– are well-known academics whose expertise is in real estate
(Linneman wrote a seminal work on real estate valuation)"
Corvex and Related remind shareholders to promptly sign, date
and return the GREEN proxy card to elect the Corvex/Related slate
of trustee nominees – James Corl,
Edward Glickman, David Helfand, Peter
Linneman, Jim Lozier,
Kenneth Shea and Samuel Zell – at the upcoming special meeting of
shareholders.
The special meeting of shareholders will be held at 10:00 a.m., local time, on Friday, May 23, 2014 at the offices of Sullivan
& Worcester LLP, One Post Office
Square, Boston,
Massachusetts 02109.
If you have any questions or need assistance voting your shares,
please call today D.F. King &
Co., Inc., our proxy solicitor, at (800) 714-3313.
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, Supplement No. 1 filed with the SEC on
February 13, 2014 and Supplement No. 2 filed with the SEC on
April 2, 2014. Permission to quote
third party reports was neither sought nor obtained.
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