Corvex, Related Applaud Arbitration Panel Ruling In CommonWealth REIT Case

Corvex Management LP and Related Fund Management, LLC, whose separately managed investment funds collectively own approximately 9.6% of the outstanding shares of CommonWealth REIT CWH, commented Monday on the ruling issued  by the Arbitration Panel. The Arbitration Panel agreed with Corvex and Related that "there is no question that CWH's Bylaws… erect a complex wall of procedural hurdles to any consent solicitation." In its ruling, the Panel has created a precise timeline for Corvex and Related to commence and complete a consent solicitation and nominate a new independent board of trustees.  The Panel will remain involved to ensure its decision is properly implemented.   Based on the Panel's ruling, Corvex and Related will expeditiously notify CommonWealth, its Trustees and the Arbitration Panel of their intent to pursue a new solicitation and promptly file a preliminary consent solicitation statement with the SEC.  Once the consent solicitation statement is cleared by the SEC, Corvex and Related See full press release