NEW YORK, May 15, 2013 /PRNewswire/ -- Corvex Management LP ("Corvex") and Related Fund Management, LLC ("Related"), today issued the following statement regarding the decision by CommonWealth REIT (NYSE:CWH) to re-appoint Joseph L. Morea to CommonWealth's Board of Trustees after he failed to receive the requisite votes for reelection.
"It is alarming that CommonWealth's Board would take a mulligan and re-appoint a director who did not receive support of shareholders for re-election to the Board. Shareholders sent a resounding message that they are displeased with the status quo – followed by an undeniable response from the Board that they have complete and utter disregard for their rights and will stop at nothing to further the Portnoys' self-serving agenda. To be clear, we are not attempting a hostile takeover, but, rather are pursuing the only path to put an end to CommonWealth's continued value destruction and egregious corporate governance practices. We strongly urge all shareholders to support our consent solicitation to remove the entire Board."
A copy of Related's and Corvex's consent solicitation 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
Corvex Management LP is an investment firm headquartered in New York, New York that engages in value--based investing across the capital structure in situations with identifiable catalysts. Corvex was founded in March 2011 and follows an opportunistic approach to investing with a specific focus on equity investments, special situations and distressed securities largely in North America.
About Related Fund Management LLC
Related Fund Management, LLC is an affiliate of Related Companies, one of the most prominent privately-owned real estate firms in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Related's existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties. For more information about Related Companies please visit www.related.com.
Additional Information Regarding the Consent Solicitation
In connection with their solicitation of written consents, Corvex and Related have filed a definitive written consent solicitation statement with the U.S. Securities and Exchange Commission (the "SEC") to solicit written consents from shareholders of CommonWealth REIT. Investors and security holders are urged to read the definitive written consent solicitation statement and other relevant documents when they become available, because they contain important information regarding the consent solicitation. The definitive written consent solicitation statement and all other relevant documents are available, free of charge, on the SEC's website at www.sec.gov.
The following persons are participants in connection with the written consent solicitation of CommonWealth's shareholders: Corvex Management LP, Keith Meister, Related Fund Management, LLC, Related Real Estate Recovery Fund GP-A, LLC, Related Real Estate Recovery Fund GP, L.P., Related Real Estate Recovery Fund, L.P., RRERF Acquisition, LLC, Jeff T. Blau, Richard O'Toole and David R. Johnson. Information regarding the participants in the consent solicitation and a description of their direct and indirect interests, by security holdings or otherwise, to the extent applicable, is available in the definitive written consent solicitation statement filed with the SEC on April 10, 2013 and Supplement No. 1 thereto filed on April 12, 2013.
For further information, contact:
D.F. King & Co., Inc.
Shareholders can call toll-free: (800) 714-3313
Banks and brokers call: (212) 269-5550
SOURCE Related Fund Management