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April 12, 2013 /PRNewswire/ -- Corvex Management LP ("Corvex") and Related Fund Management, LLC ("Related"), whose separately managed investment funds collectively own approximately 9.2% of the outstanding common shares of CommonWealth REIT ("CWH"), announced that they have delivered today to CWH formal shareholder demands for CWH to fix a record date to determine the shareholders entitled to act by written consent to remove the entire Board of Trustees. Corvex and Related believe that the CWH board has a period of up to 20 days to fix a record date. However, if the Board fails to fix a record date by the close of business on
April 22, 2013, then it is Related and Corvex's firm view that the record date will be the close of business on
April 22, 2013. As previously disclosed, Corvex and Related believe that any longer delay for the Board to take action, as purportedly allowed under certain bylaw amendments announced by CWH on
March 1, 2013, is invalid as a matter of law.
Corvex and Related also announced that they have filed definitive consent solicitation materials with the Securities and Exchange Commission, which are now available to shareholders.
Keith Meister of Corvex and
Jeff T. Blau of Related said: "We are excited to commence our consent solicitation which will serve as a referendum on the performance and leadership of CommonWealth's current trustees and management. This effort presents a clear path for shareholders to effect meaningful change at CWH and put an end to what we believe is the Board's reckless behavior and track record of value destruction. We look forward to meeting and communicating with shareholders in the coming days to discuss our consent solicitation and the future of CWH."
A copy of Related and Corvex's materials can be obtained at
www.shareholdersforcommonwealth.com or by calling
D.F. King & Co., Inc., our proxy solicitor, at 1-800-714-3313.
About Corvex Management, LP