Hints and tips:
...Activist campaigns against Reits are rarer than in other sectors, because Reits’ different legal structure provides management teams with more defences....
...With more than 97 per cent of takeovers resulting in shareholder lawsuits in 2013, the lawyers at Skadden, Arps, Slate Meagher, & Flom devised a plan four years earlier for client CommonWealth REIT to counter...
...“The significance of the vote is that it tests shareholders’ view that some Reits are run for the interests of management rather than for them,” said one CommonWealth shareholder....
...Indeed, our attention is drawn to the proxy materials from the latest company to come under urgings for improvement by Corvex: Commonwealth Reit....
...concerns in the Reit sector....
...governance concerns in the Reit sector....
...Take last week’s tussle at CommonWealth Reit, a $2bn commercial property investment trust, as a case in point....
...Dividend-paying stocks have also taken a hit, with Commonwealth Bank of Australia dropping 9 per cent and Korea Electric Power shedding 14 per cent in the past couple of weeks....
...Commonwealth Bank of Australia, the biggest holding in Mr Crabb’s fund, is up 23 per cent in the past six months, compared with 12.4 per cent for the Australian index....
...Commonwealth Bank of Australia fell 0.5 per cent to A$49.32 while Westpac Banking lost 0.3 per cent to A$22.95....
...Banks suffered after Morgan Stanley cut its rating for Commonwealth Bank of Australia to ”equal weight” from ”overweight”....
...It is buying CBHC, the US-based owner of Commonwealth Brands, for £974m ($1.9bn) cash....
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