Would Carl Icahn accept a single measly board seat from a company that he accused of fraud, after being screwed out of a total victory on a technicality? Hell, no. And his protégé won't, either.
A long, contentious spat between the activist hedge fund Corvex Management and CommonWealth REIT, a real estate investment trust, took another twist on Thursday, as the founder of Corvex, Keith Meister, declined an invitation to join the CommonWealth board….
Instead of joining the board, Mr. Meister pledged to continue his campaign to replace the existing slate of directors, and, with Related, announced the nomination of five new directors.
“Our slate of truly independent, accountable trustees will enable us to achieve our sole goal from the beginning — ceasing the value destruction caused by the Portnoys and enabling CommonWealth shareholders to take back their company,” Mr. Meister and Jeff T. Blau, the chief executive of Related, said in a statement.
Corvex Turns Down CommonWealth Board Seat [DealBook]