Maguire Properties' special committee to consider expression of interest from CEO

By Lisa Kerner

Charlotte, N.C., April 28 - Maguire Properties, Inc. chairman and chief executive officer Robert F. Maguire III is interested in pursuing a plan involving "multiple transactions," the company announced on Monday.

Robert Maguire's plan would include:

• The sale, in several separate but inter-conditional transactions by Maguire with different parties, of substantially all of Maguire's non-Orange County assets;

• A special cash distribution of some $18.18 per share to Maguire shareholders principally funded from the net proceeds of such sales;

• A cash tender offer by Mr. Maguire for some 75% of the company at $2.82 per share; and

• Retention by Maguire shareholders of a "stub interest" in Maguire.

Approval by holders of two-thirds of Maguire's outstanding stock would be required under the agreement, a company news release said.

The special committee of Maguire's board of directors said it will consider the CEO's expression of interest as it continues to bring the company's strategic alternative review process to a close.

Maguire, a Los Angeles-based real estate investment trust, announced in March that it 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.

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