NEWTON, Mass. (AP) - CommonWealth REIT has reappointed Joseph Morea as a board member after he didn't receive a majority of the shares needed to be re-elected.
The Newton, Mass.-based real estate investment trust said Wednesday that when Morea didn't receive the necessary amount of shares during its annual meeting on Tuesday, he resigned.
CommonWealth REIT said it determined that Morea likely didn't receive the necessary number of votes because of the board's opposition to hostile takeover efforts being made by minority shareholders Corvex Management LP and Related Fund Management LLC.
Corvex Management and Related Fund Management have previously said that the company's stock is undervalued and expressed a willingness to buy the rest of the company, which owns office buildings throughout the United States.
CommonWealth REIT's board said it felt that Morea's continued presence on the board would be in the real estate investment trust's best interests, and it asked him to fill the vacancy he created by resigning. It said Morea accepted the appointment.
Its shares added 21 cents to $20.34 in midday trading Wednesday. Its shares have traded in a 52-week range of $13.46 to $25.25