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Mack-Cali takes issue with ISS, Glass Lewis board recommendations

Mack-Cali Realty Corp. said it "strongly disagrees" with the recommendations of proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC that shareholders vote for director candidates nominated by activist shareholder Bow Street LLC, which owns 4.5% of Mack-Cali's outstanding stock.

The real estate investment trust said the proxy advisory firms "failed to recognize that the sole objective of Bow Street's proxy contest is either to acquire the company's premium assets at a lowball price or force a precipitous sale of the company or its assets at any price in order to realize a quick profit on its recent investment, to the detriment of all other stockholders."

Glass Lewis recommended that Mack-Cali shareholders vote for MaryAnne Gilmartin and Frederic Cumenal to the REIT's board at its June 12 annual meeting, according to a release. The proxy advisory firm also stated that it believes now is a "critical time" for the board to consider all options available.

"In the absence of a transformative transaction, it seems that equity dilution is all but inevitable for existing shareholders," Glass Lewis said, according to the release.

ISS recommended stockholders vote for Gilmartin, Nori Gerardo Lietz and Alan Batkin to the board.