"Today's decision is a tremendous victory for shareholder rights and for all CommonWealth (CWH) shareholders," says Keith Meister (Corvex) and Jeff Blau (Related), commenting on the arbitration panel ruling.
The panel ruled CommonWealth should return to its previous bylaw which required just a one year wait time before being allowed a date for a consent solicitation. The "3+3" rule adopted by the CWH board would have required a 3-year wait.
Next up is an October evidentiary hearing in which will further address the validity of the consent solicitation.
"(We) look forward to (October) and an expeditious and favorable resolution that will enable shareholders to regain control of CommonWealth by year-end."
Shares +0.8% in thin premarket trade.