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

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...