Maguire won't scrap max ownership limits, Third Point says

By Susanna Moon

Chicago, July 18 - Maguire Properties, Inc. investors led by Third Point LLC said the company has turned down their request to waive the maximum ownership limits, according to an amended schedule 13D filed on April 1 with the Securities and Exchange Commission.

Third Point said it was told on July 16 that Maguire's directors decided it was in the company's best interests not to life the restriction.

Third Point owns 4.225 million shares or 8.8% of the total.

As previously reported, Third Point said on July 7 that it received a letter indicating that "a viable third party" recently approached Maguire Properties, Inc. with a proposal to acquire all of the outstanding shares of the company for approximately $20 per share in cash.

The proposal has been withdrawn but still can be converted into a fully financed, unconditional offer, Third Point believes, if the company assists the possible acquirer in preparing for a premium offer for Maguire Properties.

Third Point said it will not support a board that does not exercise its fiduciary obligation to maximize shareholder value and will take "whatever steps necessary to protect and maximize their investment in the company," the filing noted.

Maguire is a Los Angeles-based real estate investment trust.

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