Activist investor Bow Street said several constructive conversations that it believed would lead to an agreement to resolve its proxy contest with Mack-Cali (CLI -0.6%) ended when the REIT's chairman hung up them.
After the discussions, Mack-Cali sent to Bow Street a settlement agreement, which Bow Street returned to Mack-Cali including comments that it said "clarified the strategic review committee's ability to independently evaluate the best path forward for Mack-Cali."
In a letter to Mack, Bow Street managing partners Akiva Katz and Howard Shainker said they were "surprised that following receipt of our comments, you called this morning to simply inform us that our changes did not work. Before giving us a moment to speak, you abruptly hung up the phone, only to call us back a moment later and hang up the phone again."
Under the proposed agreement, Mack-Cali would have formed a strategic review committee of the board, comprised of two Bow Street nominees and two Mack-Cali incumbent directors, that would review the company's direction and explore value to be realized from a sale of the company or any of its assets.
Previously: Mack-Cali says dissident rejected offer of two board seats (Apr. 29 2019)
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