Corvex's Meister Continues CommonWealth Fight Despite Board Seat Offer

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."


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...