Third Point buys 7.1% stake in Maguire Properties

By Lisa Kerner

Charlotte, N.C., April 1 - Investors led by Third Point LLC bought 3.35 million shares of Maguire Properties, Inc. for an initial stake in the company of 7.1%, according to a schedule 13D filing with the Securities and Exchange Commission.

The shares were purchased between Feb. 6 and March 31 priced from $14.31 to $25.08 each, the filing stated.

On March 28, Maguire Properties announced its was no longer considering a sale of the company as part of its strategic review process due to current market conditions, especially in the credit markets, and a lack of third-party proposals.

The board of directors' special committee will continue to focus on non-sale options to enhance liquidity, including dividend policy, Maguire said.

Maguire also announced that the special committee intends to recommend the payment of the company's preferred stock dividend for the first quarter of 2008.

It was previously reported on March 5 that Maguire was continuing its review and, as a result, the company amended its bylaws to change the annual meeting date to after Aug. 1.

In previous years, the Los Angeles-based real estate investment trust held its annual meeting in June.

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