Feb 27 Office building operator CommonWealth
REIT said it will go ahead with a common share offering
and debt tender offer despite opposition from several large
Corvex Management, run by Carl Icahn associate Keith
Meister, and Related Fund Management, the investment arm of
Related Cos, reported a combined stake of nearly 10 percent in
CommonWealth on Tuesday and said they will file a suit to block
CommonWealth shares jumped more than 50 percent on Tuesday
after the investors said they were willing to pay $2.1 billion
or more to acquire the REIT.
The shareholders called the debt repurchase and offering of
27 million shares announced on Monday "value destroying."
A New York-based investment manager, Luxor Capital Group,
which owns about 8 percent of CommonWealth, came out in support
of Corvex and Related late on Tuesday and demanded that
CommonWealth form an independent committee to explore strategic