I have been a shareholder for a long time, but got out recently with the bump up in price. My estimation is:While book value on CWH was much above its trading price before the Corvex announcement, CWH diluted considerably recently. Also, their book values on individual properties are inflated. CWH has many empty or near-empty suburban office buildings. I believe management has been unwilling to mark down the value of properties because writing down the value would knock down the fees paid to RMR. Anyway, I doubt that if Corvex prevails that the price would be much above $25. Consider that RMR will practice scorched earth practices. No doubt they are usuing CWH money to fight the takeover.I presume that Corvex will prevail ultimately. RMR's objections to Corvex's intervention are risible. It is interesting that CWH has recently moved to sell its holdings of GOV and SIR shares (also managed by RMR). There actually were good reasons to sell or spin off those shares, but I suspect RMR did it because they do not want those shares possibly being controlled by Corvex management. They are hoping to keep the RMR loss of cash cows to CWH alone.
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