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Mack-Cali Realty to review strategic options, including possible sale of company

Ciara Linnane

Real Estate Investment Trust Mack-Cali Realty Corp. said Wednesday it is planning to form a committee of independent directors to review its strategic options, including a possible sale of the company. The committee will be formed following the company's annual shareholder meeting on June 12. The company also said it will extend an offer to MaryAnne Gilmartin and Frederic Cumenal to join the board, as agreed with its shareholder Bow Street, which it accused of running a "protracted and costly proxy contest" and an attempt to "force a precipitous sale of the Company at any price, which would allow Bow Street to realize a quick profit on its recent investment, but would be detrimental to other Mack-Cali stockholders." Mack-Cali has tried to reach an agreement with Bow Street but has not been able to reach a fair settlement, it said. Shares were not yet active premarket, but have gained 18% in the last 12 months, while the S&P 500 has gained 4%.