Mack-Cali Realty Corp. clarified its plan to create an independent strategic committee that will review options that could maximize stockholder value.
The company said it intends to appoint MaryAnne Gilmartin and Frederic Cumenal to the four-member strategic committee should they accept an offer to join the office real estate investment trust's board. The company previously said it would offer committee membership to at least one of the two. The other two members will be independent directors to be selected by the board, according to a release.
Gilmartin and Cumenal are two of activist shareholder Bow Street LLC's four nominees to Mack-Cali's board. Bow Street owns 4.5% of Mack-Cali's outstanding stock.
Mack-Cali said the committee will be allowed to select its own financial and other advisers.
The strategic committee will recommend a course of action to Mack-Cali's full board after completing its review. Should any member or members of the committee have a different opinion regarding the company's strategic direction, all their recommendations will be presented to the full board, the REIT said in the release.
Mack-Cali will hold its annual meeting June 12, after which it plans to immediately form the committee.