CommonWealth REIT Activists Win Votes to Remove Board
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CommonWealth REIT investors who have been trying for a year to overthrow management are close to victory after holders of the necessary number of shares voted to remove the office landlord’s board.
Stockholders representing 81 percent of shares voted for the removal, according to Corvex Management LP and Related Cos., the investors leading the campaign. CommonWealth has five business days, or until March 25, to have the consents inspected and results declared, Corvex and Related said in a statement yesterday. A two-thirds majority is required for board removal.