Wednesday, 27 August 2014
Last updated 36 min 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."
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...