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Hot Stocks
Bow Street responds to Mack-Cali Realty statements » 16:39
04/06/20
04/06
16:39
04/06/20
16:39
CLI

Mack-Cali Realty

$14.85 /

+0.99 (+7.14%)

In a letter, Bow Street…

In a letter, Bow Street managing partner Akiva Katz writes: "With respect to the concerns you expressed to me regarding the presence of current Company directors on the Bow Street slate, we would like to make a proposal that should accommodate everyone's issues: We understand that the Nominating and Governance Committee of Mack-Cali Realty Corporation may be reluctant to include the four Bow Street nominees that were elected as Company directors at the Company's 2019 Annual Meeting - Alan R. Batkin, Frederic Cumenal, MaryAnne Gilmartin and Nori Gerardo Lietz - on the Company's proxy card for the Company's 2020 Annual Meeting, because the 2019 Elected Directors have already agreed to be included on Bow Street's proxy card for the 2020 Annual Meeting. As you know, the Company's bylaws required Bow Street to name its nominees for the 2020 Annual Meeting prior to the time that the Company was required to name its nominees, and accordingly Bow Street requested the 2019 Elected Directors to consent to being named in Bow Street's proxy statement for the Company's 2020 Annual Meeting, and nominated them in accordance with the Company's bylaws, to ensure that they would be able to stand for re-election to the board. The 2019 Elected Directors had the overwhelming support of the Company's stockholders at the 2019 Annual Meeting, and we expect will have overwhelming support at the Company's 2020 Annual Meeting. While we are comfortable with these directors appearing on both slates - that of Mack-Cali and Bow Street - we are also willing to accommodate any concerns in this regard. To be clear, our singular goal is to ensure that the 2019 Elected Directors be permitted to continue the work they have started on behalf of all of the Company's stockholders. From our perspective (and that of shareholders), the proxy card on which they appear is a mere formality. As such, Bow Street accordingly would be willing to remove the 2019 Elected Directors from its proxy statement and proxy card for the 2020 Annual Meeting, provided that the Company irrevocably agrees to include the 2019 Elected Directors as nominees in the Company's proxy statement and proxy card for the 2020 Annual Meeting, and agrees to support the election of the 2019 Elected Directors in substantially the same manner as it supports the election of the Company's other nominees. Please let us know if this sensible approach is agreeable."

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Mack-Cali Realty calls Bow Street claims ' false and misleading' » 08:08
04/06/20
04/06
08:08
04/06/20
08:08
CLI

Mack-Cali Realty

$13.86 /

-0.41 (-2.87%)

Mack-Cali Realty issued a…

Mack-Cali Realty issued a statement on what it says are Bow Street's "false and misleading claims." The statement reads in part, "We would like to set the record straight regarding the Company's recent announcement of the Board's decision not to include on the Company's slate of nominees for the upcoming 2020 Annual Meeting of Stockholders Bow Street's four nominees who have served as directors of the Company since their election to the Board at the 2019 Annual Meeting of Stockholders...Since the Bow Street Nominees had participated in all decision making and strategic direction taken by the Board, the Shareholder Value Committee and the Special Committee over the past year, the Company and other Board members were not only surprised, but completely blind-sided by the disingenuous actions of their four peers, who chose to abdicate their fiduciary duties to Mack-Cali's stockholders and support Bow Street's self-interested agenda. As a result, the Board had no choice but to withdraw its invitation to join the Company's slate of nominees and replace the Bow Street Nominees with a new slate of nominees. To do otherwise, would enable Bow Street, a 4.5% shareholder, to take control of the Company to pursue its own agenda. The Nominating and Corporate Governance Committee engaged Ferguson Partners to conduct a search for well-qualified, independent candidates for the Company's slate of nominees for election at the Annual Meeting...The Board is deeply concerned that Bow Street's decision to pursue a proxy fight and its repeated use of underhanded tactics to mislead investors during a national health crisis and market dislocation in order to advance Bow Street's self-interested objectives are not consistent with the best interests of the Company or its stockholders."

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Saturday
Periodicals
Battle between Mack-Call, activist investor only heating up, Barron's says » 10:13
04/04/20
04/04
10:13
04/04/20
10:13
CLI

Mack-Cali Realty

$13.86 /

-0.41 (-2.87%)

The coronavirus pandemic…

The coronavirus pandemic has put some proxy battles on ice, but the duel between real-estate investment trust Mack-Cali Realty and activist investor Bow Street is only heating up, Carleton English writes in this week's edition of Barron's. Mack-Cali has announced that it doesn't plan to renominate four Bow Street-nominated directors. The REIT claimed the four, who joined after a proxy contest with Bow Street last year, "sought to advance Bow Street's self-interested agenda," which it claims includes a "fire sale" of the company's properties, which Bow Street denies. English does not see this fight winding down soon. Reference Link

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Over a week ago
Downgrade
Mack-Cali Realty downgraded to In Line from Outperform at Evercore ISI » 06:46
03/25/20
03/25
06:46
03/25/20
06:46
CLI

Mack-Cali Realty

$15.24 /

+0.78 (+5.39%)

Evercore ISI analyst…

Evercore ISI analyst Steve Sakwa downgraded Mack-Cali Realty to In Line from Outperform.

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Hot Stocks
Mack-Cali Realty reiterates commitment to maximizing shareholder value » 08:10
03/16/20
03/16
08:10
03/16/20
08:10
CLI

Mack-Cali Realty

$18.82 /

+2.3 (+13.92%)

Mack-Cali Realty detailed…

Mack-Cali Realty detailed the steps that the Mack-Cali Board and management team are taking to achieve their goal of maximizing stockholder value and set the record straight regarding "false and misleading" statements contained in the Bow Street LLC March 12, 2020 letter to stockholders. Bow Street's letter to stockholders indicates that, as in the course of its 2019 proxy contest, Bow Street again intends to engage in a campaign "based on deception, falsehoods and other dishonest tactics to advance its self-serving agenda." "In its letter, Bow Street falsely claims that Mack-Cali has failed to honor the commitments that the Company made to its stockholders following the 2019 Annual Meeting of Stockholders, including the promise of a robust strategic alternatives process overseen by an independent special committee. These statements are false and misleading. Promptly after the 2019 Annual Meeting, the Mack-Cali Board formed the Shareholder Value Committee, which comprised four independent directors, including two directors nominated by Bow Street. Contrary to Bow Street's baseless assertion, the Shareholder Value Committee was given full authority to conduct an independent review of the Company's strategic direction and all available alternatives for maximizing stockholder value, including a potential sale of the Company or certain of its assets. The Shareholder Value Committee retained independent financial and legal advisors and was provided with all necessary resources to conduct a thorough strategic review... The Mack-Cali Board has repeatedly stated that it is open to all alternatives to maximize stockholder value, including a potential strategic transaction, and will consider all credible offers. In fact, the Board has formed the Special Committee to oversee management in reviewing any acquisition proposals that may be received by the Company. However, the Board would not support a transaction that would shortchange Mack-Cali stockholders and prevent them from realizing the full value potential of their investment in the Company. Moreover, the Board believes that a failed sale process would seriously harm Mack-Cali's business, including by causing significant management distraction and disrupting the Company's relationships with its key employees, vendors and business partners."

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Hot Stocks
Mack-Cali Realty beneficial shareholder calls for removal of CEO Michael DeMarco » 09:08
03/12/20
03/12
09:08
03/12/20
09:08
CLI

Mack-Cali Realty

$17.95 /

-0.64 (-3.44%)

Bow Street, a New…

Bow Street, a New York-based investment firm that beneficially owns approximately 4.5% of the outstanding shares of common stock of Mack-Cali Realty issued an open letter to Mack-Cali shareholders calling for the removal of CEO Michael DeMarco and the election of four additional new directors to the board. Bow Street said, "Since the 2019 Mack-Cali annual meeting, at which shareholders overwhelmingly elected Bow Street's full slate of four independent director candidates, it has become clear that a change in leadership at the management and Board levels is required to protect shareholders from the legacy issues that plague the Company. Accordingly, Bow Street is nominating four new, highly-qualified director candidates - Tammy Jones, Akiva Katz, Mahbod Nia, and Howard Stern - to the Board. Additionally, Bow Street is re-nominating the four, independent directors shareholders elected at the 2019 annual meeting - Alan Batkin, Frederic Cumenal, MaryAnne Gilmartin and Nori Gerardo Lietz. If elected, these nominees will be fierce advocates for shareholders and work collaboratively to maximize value at Mack-Cali..."

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Over a month ago
Conference/Events
Citigroup to hold a conference » 04:55
03/04/20
03/04
04:55
03/04/20
04:55
AMH

American Homes 4 Rent

$27.87 /

+0.51 (+1.86%)

, BXP

Boston Properties

$132.84 /

-1.67 (-1.24%)

, CBL

CBL & Associates

$0.57 /

+0.0125 (+2.24%)

, CLI

Mack-Cali Realty

$20.83 /

+1.115 (+5.66%)

, COR

CoreSite Realty

$107.70 /

-1.74 (-1.59%)

, EGP

EastGroup Properties

$129.91 /

+0.77 (+0.60%)

, EQR

Equity Residential

$78.57 /

-0.51 (-0.64%)

, ESS

Essex Property Trust

$292.13 /

-1.06 (-0.36%)

, EXR

Extra Space Storage

$105.67 /

+0.26 (+0.25%)

, FR

First Industrial Realty

$40.41 /

+0.34 (+0.85%)

, HCP

HCP

$0.00 /

+ (+0.00%)

, HPP

Hudson Pacific

$32.57 /

-0.46 (-1.39%)

, INVH

Invitation Homes

$29.78 /

-0.06 (-0.20%)

, IRM

Iron Mountain

$31.40 /

-0.29 (-0.92%)

, KRG

Kite Realty Group

$16.44 /

-0.1 (-0.60%)

, LAMR

Lamar Advertising

$84.08 /

-0.74 (-0.87%)

, MAA

MAA

$137.42 /

+2.13 (+1.57%)

, OFC

Corporate Office Properties

$27.00 /

+0.51 (+1.93%)

, PEI

Pennsylvania REIT

$2.53 /

+0.22 (+9.52%)

, RHP

Ryman Hospitality

$66.13 /

-4.71 (-6.65%)

, RPT

RPT Realty

$13.08 /

-0.01 (-0.08%)

, SBAC

SBA Communications

$287.29 /

+2.13 (+0.75%)

, STOR

Store Capital

$33.28 /

-0.485 (-1.44%)

, TRTX

TPG RE Finance

$19.66 /

-0.34 (-1.70%)

, UDR

UDR

$47.42 /

+0.34 (+0.72%)

, WELL

Welltower

$77.05 /

+1.78 (+2.36%)

, WPG

Washington Prime

$2.59 /

+0.08 (+3.19%)

Global Property…

Global Property Conference will be held in Hollywood, FL on March 2-4.

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Hot Stocks
Mack-Cali jumps after TheDeal says Chairman working on take-private bid » 12:58
03/03/20
03/03
12:58
03/03/20
12:58
CLI

Mack-Cali Realty

$20.10 /

+0.385 (+1.95%)

Shares of Mack-Cali…

Shares of Mack-Cali Realty jumped after TheDeal reported that the company's chairman Bill Mack and his son are working on a bid to take the company private. Shares of Mack-Cali are up 5% to $20.62 following the report.

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03/08/13
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Periodicals
Mack-Cali Realty chairman, son working on take private bid, TheDeal reports  12:55
03/03/20
03/03
12:55
03/03/20
12:55
CLI

Mack-Cali Realty

$19.82 /

+0.105 (+0.53%)

 
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03/08/13
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Conference/Events
Citigroup to hold a conference » 04:55
03/03/20
03/03
04:55
03/03/20
04:55
AMH

American Homes 4 Rent

$27.36 /

+1.67 (+6.50%)

, BXP

Boston Properties

$134.51 /

+5.81 (+4.51%)

, CBL

CBL & Associates

$0.56 /

-0.0005 (-0.09%)

, CLI

Mack-Cali Realty

$19.72 /

+0.265 (+1.36%)

, COR

CoreSite Realty

$109.44 /

+5.015 (+4.80%)

, EGP

EastGroup Properties

$129.14 /

+0.885 (+0.69%)

, EQR

Equity Residential

$79.08 /

+0.605 (+0.77%)

, ESS

Essex Property Trust

$293.19 /

-3.83 (-1.29%)

, EXR

Extra Space Storage

$105.41 /

+4.66 (+4.63%)

, FR

First Industrial Realty

$40.07 /

+0.02 (+0.05%)

, HCP

HCP

$0.00 /

+ (+0.00%)

, HPP

Hudson Pacific

$33.03 /

-0.38 (-1.14%)

, INVH

Invitation Homes

$29.84 /

+0.9 (+3.11%)

, IRM

Iron Mountain

$31.69 /

+0.48 (+1.54%)

, KRG

Kite Realty Group

$16.54 /

+0.28 (+1.72%)

, LAMR

Lamar Advertising

$84.82 /

-1.2 (-1.40%)

, MAA

MAA

$135.29 /

+1.03 (+0.77%)

, OFC

Corporate Office Properties

$26.49 /

-0.055 (-0.21%)

, PEI

Pennsylvania REIT

$2.31 /

+0.155 (+7.19%)

, RHP

Ryman Hospitality

$70.84 /

-2.93 (-3.97%)

, RPT

RPT Realty

$13.09 /

-0.01 (-0.08%)

, SBAC

SBA Communications

$285.16 /

+13.4 (+4.93%)

, STOR

Store Capital

$33.76 /

+0.26 (+0.78%)

, TRTX

TPG RE Finance

$20.00 /

+0.56 (+2.88%)

, UDR

UDR

$47.08 /

+0.115 (+0.24%)

, WELL

Welltower

$75.27 /

-0.34 (-0.45%)

, WPG

Washington Prime

$2.51 /

+0.025 (+1.01%)

Global Property…

Global Property Conference will be held in Hollywood, FL on March 2-4.

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