Proxy Advisory Firm Egan-Jones Recommends Mack-Cali Shareholders Vote Bow Street's GOLD Proxy Card "FOR ALL" of Bow Street Nominees
Joins ISS and Glass Lewis in Recommending Mack-Cali Shareholders
Vote Bow Street's GOLD Proxy Card
Bow Street Urges Mack-Cali Shareholders to VOTE
GOLD TODAY "FOR ALL" Four of its Independent, Highly-Qualified
NEW YORK--(BUSINESS WIRE)--
Bow Street LLC ("Bow Street"), a New York-based investment firm that
beneficially owns approximately 4.5% of the outstanding shares of common
stock of Mack-Cali Realty Corporation ("Mack-Cali" or the "Company")
(NYSE:CLI), today announced that a third leading independent proxy
advisory firm, Egan-Jones Proxy Services ("Egan-Jones"), has recommended
that Mack-Cali shareholders vote on the GOLD
proxy card. Egan-Jones recommends shareholders vote the GOLD
proxy card "FOR ALL" of Bow Street's highly-qualified,
independent director nominees - Alan Batkin, Frederic Cumenal, MaryAnne
Gilmartin and Nori Gerardo Lietz - at Mack-Cali's Annual Meeting of
Shareholders to be held June 12, 2019. Two other leading proxy advisory
firms, Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis
& Co ("Glass Lewis"), have also recommended that Mack-Cali shareholders
vote on Bow Street's GOLD proxy card.
Akiva Katz and Howard Shainker, Managing Partners of Bow Street, said,
"We are thrilled that all three leading independent proxy advisory
firms, ISS, Glass Lewis, and Egan-Jones, agree that Bow Street's
nominees are needed in the Mack-Cali Boardroom. We are particularly
pleased that Egan-Jones recommends Mack-Cali shareholders vote "FOR
ALL" of Bow Street's nominees, recognizing that a new set of
qualified directors is not only long overdue, but also required to fix
the status quo of underperformance and conduct an evaluation of
strategic alternatives to create long-term value. We urge shareholders
to follow Egan-Jones' recommendation by voting today on the GOLD
proxy card FOR ALLof Bow
Street's independent nominees, who will be fierce advocates for
Mack-Cali shareholders and open to exploring all value-maximizing
In making its recommendation "FOR ALL" of Bow Street's nominees
"We believe that a new set of qualified directors are needed to be
elected in the Board, in order to conduct an evaluation of strategic
alternatives that will lead to long-term value creation. In our view,
the over-tenured members of the incumbent Board, are long overdue for
replacement due to their slack performance and poor oversight."
"In our view, the status quo of underperformance should be broken by
electing new directors whose interests are aligned with the
shareholders. We believe that an entrenched board contributed to the
Company's rising debt, wide NAV discount and below average stock
"The Company's corporate governance structure should be fixed in order
to restore credibility and integrity that will help Mack-Cali rebuild
its reputation. If elected to the Board, we support the creation of a
Strategic Review Committee composed of independent directors that will
work on unlocking shareholder value."
"Given the slate of nominees, the nominees appear qualified, and we
recommend a vote FOR this Proposal on the GOLD proxy card provided by
the dissident shareholders."
Bow Street encourages all Mack-Cali shareholders to visit http://bowstreetllc.com/mack-cali/
to review additional information regarding THE
CASE FOR CHANGE AT MACK-CALI.
*Bow Street has neither sought nor obtained consent from Egan-Jones
to use previously published information in this press release.
Time is Short and Your Vote Is Important!
To ensure that your shares are voted at the meeting, please vote
today by telephone or over the Internet.
Simply follow the easy instructions on the GOLD proxy card.
If you have questions about how to vote your shares, please contact:
INNISFREE M&A INCORPORATED
Shareholders May Call Toll-free: (877) 800-5182
Banks and Brokers May Call Collect: (212) 750-5833
Please simply discard any White proxy card that you may receive
from Mack-Cali. Returning a
White proxy card - even if you
"withhold" on the Company's nominees - will revoke any vote
you had previously submitted on Bow Street's GOLD proxy
About Bow Street LLC
Founded in 2011, Bow Street is a New York-based investment manager that
partners with institutional investors and family offices globally to
invest opportunistically across public and private securities.
Bow Street LLC ("Bow Street"), A. Akiva Katz, Howard Shainker, Alan R.
Batkin, Frederic Cumenal, MaryAnne Gilmartin, and Nori Gerardo Lietz
(collectively, the "Participants") have filed with the Securities and
Exchange Commission (the "SEC") a definitive proxy statement and
accompanying form of proxy to be used in connection with the
solicitation of proxies from shareholders of Mack-Cali Realty
Corporation (the "Company"). All shareholders of the Company are advised
to read the definitive proxy statement and other documents related to
the solicitation of proxies by the Participants, as they contain
important information, including additional information related to the
Participants. The definitive proxy statement and an accompanying proxy
card is being furnished to some or all of the Company's shareholders and
is, along with other relevant documents, available at no charge on the
SEC website at http://www.sec.gov/
or from the Participants' proxy solicitor, Innisfree M&A Incorporated.
Information about the Participants and a description of their direct or
indirect interests by security holdings is contained in the definitive
proxy statement on Schedule 14A filed by Bow Street with the SEC on May
1, 2019. This document is available free of charge from the sources
This material does not constitute an offer to sell or a solicitation of
an offer to buy any of the securities described herein in any state to
any person. In addition, the discussions and opinions in this press
release are for general information only, and are not intended to
provide investment advice. All statements contained in this press
release that are not clearly historical in nature or that necessarily
depend on future events are "forward-looking statements," which are not
guarantees of future performance or results, and the words "anticipate,"
"believe," "expect," "potential," "could," "opportunity," "estimate,"
and similar expressions are generally intended to identify
forward-looking statements. The projected results and statements
contained in this press release that are not historical facts are based
on current expectations, speak only as of the date of this press release
and involve risks that may cause the actual results to be materially
different. Certain information included in this material is based on
data obtained from sources considered to be reliable. No representation
is made with respect to the accuracy or completeness of such data, and
any analyses provided to assist the recipient of this presentation in
evaluating the matters described herein may be based on subjective
assessments and assumptions and may use one among alternative
methodologies that produce different results. Accordingly, any analyses
should also not be viewed as factual and also should not be relied upon
as an accurate prediction of future results. All figures are unaudited
estimates and subject to revision without notice. Bow Street disclaims
any obligation to update the information herein and reserves the right
to change any of its opinions expressed herein at any time as it deems
appropriate. Past performance is not indicative of future results.
View source version on businesswire.com:
Source: Bow Street LLC