Luxor Capital Group Announces Its Disapproval of CommonWealth REIT Decision to Move Forward with its Offering
Luxor Capital Group, LP, a New York based investment manager ("Luxor"), beneficially owns and controls in excess of 6.7 million common shares of CommonWealth REIT (NYSE: CWH), or approximately 8.0% of the common shares outstanding. Luxor is releasing the following open letter to the Trustees of CWH:
To the Board of Trustees:
On February 27, 2013, CommonWealth REIT ("CWH" or the "Company") announced that it had priced 30,000,000 shares of Common Stock in a public offering (the "Offering") at $19.00 per share. On February 28, 2013, the Issuer announced the underwriters had exercised the overallotment option on 4,500,000 shares, and on March 1, 2013, the Issuer announced that it had increased its maximum tender offer amount with respect to outstanding debt to $650,000,000. In response to these decisions by you, we are actively exploring litigation to recoup the value destroyed by the Offering and are willing to use any and all appropriate legal means to prevent further destruction of shareholder value.
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