Corvex Management and Related Fund Management announced Tuesday morning that investment funds managed by them collectively own approximately 9.8% of the outstanding common shares of CommonWealth REIT (CWH). Corvex and Related believe that CWH's portfolio of real estate assets trade at a substantial discount to fair value.
CommonWealth REIT gapped open sharply higher Tuesday and climbed higher around 2:00PM. The stock ended the day with a gain of 8.55 at $24.40 on the highest volume of the year. CommonWealth REIT surged to a new high for the year.
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