(Corrects second paragraph to say that the buyer is Corvex and
Related Cos, not CommonWealth)
March 28 Activist investor Keith Meister and
real estate major Related Cos lowered their offer price for
CommonWealth REIT to $24.50 per share from $27, citing
the office building operator's recently completed equity
Related, and Meister's Corvex Management LP - who together
own about 9 percent of CommonWealth shares - also said they
would continue to pursue the removal of the board if the company
was not open to being acquired by them or another buyer.
"If you are prepared to enter into good faith negotiations
with us, we could negotiate and announce a transaction in less
than 3 weeks," Corvex and Related said in a letter seen by
The activist investors had initially proposed to buy
CommonWealth last month if it cancelled its 30 million share
offering, which they said was value destroying.
"In light of your recent actions, we have unfortunately
concluded that you as a board are not prepared to independently
undertake or evaluate any such value enhancing steps," the
shareholders said in their letter.
They also said that the company should not sell its
controlling stake in Select Income REIT as they believed
the shares would be sold at a discount.
The investors said they had met with Barry and Adam Portnoy
from the Commonwealth management team earlier this week,
following a request made by the two firms on Feb. 25.
(Reporting by A. Ananthalakshmi in Bangalore; Editing by