CommonWealth Investors Back Activists' Board Overhaul Plan

Law360, New York (March 19, 2014, 1:23 PM EDT) -- Activist funds Corvex Management LP and Related Fund Management LLC said Tuesday that they’ve convinced shareholders of CommonWealth REIT to oust the real estate investment trust’s entire board of trustees, clearing the way for billionaire investor Sam Zell to step in and steer the company.

The New York-based activist funds said in a statement that they have presented consents from holders of more than 81 percent of CommonWealth’s outstanding shares approving the activist funds’ proposal to remove the REIT’s entire board of trustees. The consents come...
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