Mack-Cali Realty Corp. said its board intends to create an independent committee that will conduct a strategic review of the company's strategy, asset portfolio and business opportunities.

The committee is expected to recommend whether the company should pursue its business plan, consider a sale of Mack-Cali or any of its assets or other actions that will maximize value for shareholders.

The four-member committee will be created after Mack-Cali's annual meeting of shareholders on June 12 and will include at least two members not serving on the board.

Mack-Cali added that the board, following the meeting, plans to offer board seats to MaryAnne Gilmartin and Frederic Cumenal, who are among the four nominees of shareholder Bow Street Special Opportunities XV LP. Should they accept the offer, at least one of them will also be appointed to the strategic review committee, Mack-Cali said in a release.

The decision came after the real estate investment trust confirmed it has ended settlement discussions with the activist shareholder Bow Street LLC.

Bow Street reiterated its call to refresh Mack-Cali's board in a letter to shareholders sent May 29.