Wednesday, 26 November 2014
Last updated 9 hours ago
Jan 17 2014 | 4:10am ET
Having come close to winning five seats on the board of CommonWealth REIT, Corvex Management is not satisfied with receiving just one.
Corvex founder Keith Meister yesterday turned down the offer of a place at the CommonWealth boardroom table. The move allows Corvex to take another run at ousting CommonWealth's board, led by Adam Portnoy, whose family controls the real-estate investment trust.
Last year, Corvex and Related Fund Management claim to have won a proxy battle to toss the board, only to see it invalidated on technical grounds. The two said they would try again this year, naming a slate of five director candidates.
"Our slate of truly independent, accountable trustees will enable us to achieve our sole goal from the beginning—ceasing the value destruction caused by the Portnoys and enabling CommonWealth shareholders to take back their company," Meister, who formerly worked for Carl Icahn, and Related CEO Jeff Blau said.
CommonWealth said it was "disappointed" that Meister turned down a board seat, calling it "further evidence that Corvex and Related Cos. are pursuing a hostile takeover of CWH for their own benefit and are not committed to advancing the best interests of and creating value for all CWH shareholders."
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...