Seven of Mack-Cali Realty Corp.’s 11 board members are stepping down, clearing the way for a dissident investor group to take control after a proxy battle that dates back to early last year.
Mack-Cali Realty Corp. has postponed its annual stockholders meeting this week amid ongoing talks with a dissident investor group that has sought to take over its board.
Mack-Cali Realty Corp. has withdrawn three of its incumbent nominees for the company’s upcoming board election, citing shareholder feedback ahead of its June 10 annual meeting.
Mack-Cali Realty Corp. has unveiled a new slate of nominees for election to its board of directors, as longtime Chairman William L. Mack prepares to step down in conjunction with the company’s mandatory retirement age policy.
Mack-Cali Realty Corp. will form a committee of independent directors to review the company’s efforts to reposition its portfolio, while exploring a potential sale of the business or any of its properties in the wake of an ongoing proxy fight with activist investors.
Mack-Cali Realty Corp. has rebuffed another offer from investors seeking to acquire its office holdings and take control of its board, calling it a “grossly inadequate, unworkable and self-interested proposal” that would shortchange shareholders and doom its residential business.
Mack-Cali Realty Corp. has turned down an offer of more than $2.4 billion for its top waterfront and suburban office buildings, citing a “grossly inadequate” valuation from a group that is now moving to gain a majority position on its board.
