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NEWTON, MA-Seeking the removal of the entire board of locally based CommonWealth REIT, Related Fund Management‘s Jeff Blau and Corvex Management LP‘s Keith Meister sent a letter to CWH shareholders Thursday that called for replacing the REIT’s external manager structure as well as ousting the board. In response, CWH late Thursday afternoon urged shareholders not to take any action, saying that the April 22 record date proposed by Related and Corvex is not valid and that the two companies are not entitled to seek consent from fellow shareholders. The two companies are among CWH’s largest shareholders, controlling a combined 9.2% of its stock.

“We believe that Corvex/Related’s attempted consent solicitation is part of an effort to seize control of your company for their own benefit or, alternatively, to realize a quick profit by forcing a sale of CommonWealth before the full benefits of CommonWealth’s current business plan are realized,” CWH’s board wrote in a letter to shareholders. For their part, Blau and Meister maintained that CWH founder Barry Portnoy and president Adam Portnoy, who also own the REIT’s external manager, Reit Management & Research LLC, “have in our view managed CommonWealth in a way which has enriched themselves rather than representing the interests of shareholders.”

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