CommonWealth Ousts Entire Board, Sealing Win For Activists

Law360, New York (March 25, 2014, 11:57 AM EDT) -- CommonWealth REIT officially folded to a long-running activist campaign on Tuesday, saying it had ousted its entire board of trustees after more than two-thirds of its shareholders voted in favor of the overhaul.

The move seals a clear win for a pair of New York funds, Corvex Management LP and Related Cos., which for more than a year led the lobby for changes. The investors, which together hold a 9.6 percent interest in the REIT, railed against CommonWealth President Adam Portnoy and his father, Barry, for...
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