Michael DeMarco, CEO of Mack-Cali Realty Corp.

JERSEY CITY, NJ—In an ongoing at times bitter back-and-forth battle between Mack-Cali Realty Corp. and Bow Street LLC, which has launched a proxy battle over the direction of the company,  the REIT announced today it has terminated settlement discussions with the dissident shareholder group.

In a statement released this morning, Mack-Cali Realty acknowledged that settlement discussions had been engaged with Bow Street LLC, which launched a proxy fight earlier this month following the rejection of its proposal seeking the possible financial restructuring and sale of Mack-Cali Realty Corp. Bow Street, which owns about 4.5% of Mack-Cali stock, is seeking the election of its four proposed candidates to the company's board of directors as part of its proxy contest.

Mack-Cali Realty reveals that last week Mack-Cali Board chairman William L. Mack met with representatives of Bow Street and based on those discussions provided Bow Street on May 16 a draft settlement agreement reflecting what it stated were the terms agreed upon by Mack and Bow Street's representative.