Mack-Cali: Bow Street Intends To Nominate Majority Slate To Board

(RTTNews) - Mack-Cali Realty Corp. (CLI) announced receipt of a notice from Bow Street Special Opportunities Fund XV, LP of its intent to nominate a majority slate of six candidates to stand for election to the Board of Mack-Cali at the company's 2019 Annual Meeting of Stockholders. The company said it is evaluating Bow Street's director nomination notice for compliance with the bylaws. Mack-Cali noted that its stockholders are not required to take any action at the current time.

Mack-Cali stated that the nominations follow the unanimous rejection by the company's Board of an unsolicited proposal from Bow Street and David Werner Real Estate Investments to acquire for cash Mack-Cali's suburban and waterfront office assets. The company said the proposed cash price of $2.4 billion to $2.6 billion for Mack-Cali's suburban and waterfront office assets implies a gross asset valuation for the company's core office portfolio that is significantly lower than management's valuation.

William Mack, Chairman of the Board of Mack-Cali, said: "The Bow Street/DWREI unsolicited proposal is wholly inadequate from a value perspective, illusory in nature, and does not reflect Mack-Cali's intrinsic value and growth potential. Indeed, the proposal is not a credible offer to deliver value to our stockholders through the acquisition of the entire company at a full and fair price. Rather, it is nothing more than an attempt to break up Mack-Cali in order to acquire our valuable office assets at a grossly inadequate price and at the expense of all other stockholders The Mack-Cali Board believes that Bow Street's notice of director nominations is an attempt to pressure the Board into accepting Bow Street's inadequate proposal and, failing that, to gain control of the Board."