Bow Street LLC criticized the refusal of Mack-Cali Realty Corp.'s board to re-nominate the activist investor's four incumbent director candidates and denied that it was seeking a "fire sale" of the real estate investment trust.
Refusing to re-nominate Alan Batkin, Frederic Cumenal, MaryAnne Gilmartin and Nori Gerardo Lietz, who received near-unanimous shareholder support at Mack-Cali's 2019 annual meeting, "demonstrates this board's blatant disregard for even the most basic principles of corporate governance," Bow Street Managing Partners Akiva Katz and Howard Shainker said in a press release.
Bow Street argued that the Mack-Cali board's claim that the activist investor is looking to force a "fire sale" of the REIT is "a deliberate and desperate attempt to mislead shareholders."
"Like all shareholders, we expect accountability, performance, and directors who are true fiduciaries. ... The board's shameless attempt to stifle their voices is further evidence of the change required at the company," Bow Street said.
Mack-Cali earlier formed a committee to evaluate and approve the recommendations of its board's nominating and corporate governance committee for the REIT's director slate for election at its upcoming annual stockholder meeting.
Bow Street beneficially owns about 4.5% of shares of Mack-Cali's outstanding common stock.