Saturday, 25 October 2014
Last updated 1 day 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."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.