Sam Zell throws his weight behind the move to throw out the management and board of CommonWealth REIT (CWH +2.2%), joining the slate of directors set to be nominated by dissident investors Corvex and Related. Joining alongside Zell is Zell Equity Group co-President David Helfand.
Zell: "We are fully supportive of Corvex and Related's efforts to maximize value at CommonWealth for all shareholders. We see an attractive opportunity at CommonWealth uniquely suited to our expertise in leading public real estate companies and in turning around underperforming assets ... One of our core operating principals is the alignment of interests between company leadership and shareholders."
Zell has agreed to become Chairman of the Board and Helfand CEO.
Neither yet own any CommonWealth stock, but an entity associated with the two has been granted by Corvex and Related an option to buy up to about 4M shares.