This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corvex And Related Comment On Commonwealth REIT's Latest Effort To Deny Shareholder Rights Available Under Company Charter

NEW YORK, April 9, 2013 /PRNewswire/ -- Corvex Management LP ("Corvex") and Related Fund Management, LLC ("Related") today commented on the Portnoys' latest failed efforts to disenfranchise CommonWealth REIT's (NYSE: CWH) shareholders by attempting to deny them of their fundamental right to choose company directors – a right which has been available under CWH's charter since CWH's initial public offering in 1986.  Corvex and Related are pleased that the request by the Board of CWH to approve an 11th hour amendment to House Bill 882 which would prevent CWH shareholders -- and shareholders of all Maryland-based public companies -- from enforcing their rights to remove board members by shareholder vote will not be advanced. 

Keith Meister of Corvex and Jeff T. Blau of Related issued the following statement: "This clandestine action is the latest in a series of underhanded tactics the Portnoy family has employed in an effort to undermine shareholder rights.  Under the cover of darkness, the Portnoys have sought to manipulate the legislative process to thwart shareholder democracy and impact thousands of shareholders -- including many across the state of Maryland -- solely in an effort to protect their personal interests and continue using CWH as their own piggy bank.  Moreover, by secretly undertaking this effort before the Maryland Senate, we believe the Portnoys have violated their obligations to disclose material information to shareholders.  We look forward to proceeding with the Consent Solicitation and working to restore value to all shareholders."

Corvex and Related filed a preliminary consent solicitation statement with the U.S. Securities and Exchange Commission on March 26, 2013 for shareholders to act by written consent to effect the removal of the entire board of trustees of CWH.  CWH's charter expressly permits holders of two-thirds of the outstanding shares to remove trustees without cause by written consent. 

About Corvex Management, LP

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs