Archive for Saturday, March 29, 2008
Maguire Properties Inc. no longer for sale
The real estate investment trust, which put itself on the market in December, says the credit crunch has made it difficult to find a buyer.
Maguire Properties Inc., one of Southern California’s largest real estate investment trusts, today said it was no longer looking for a buyer. Its stock tumbled 12% on the news.
Saying it had received no viable acquisition proposals since it put itself up for sale in December, Maguire blamed a credit crunch that has made it difficult for private equity investors to obtain financing for buy-outs.
A committee of independent company directors, formed to review strategies to enhance shareholder value, plans to recommend payment of Maguire’s first-quarter dividend, the company said.
Maguire shares were trading late in today’s stock market session at $14.95, down $2.12, after hitting an all-time low of $12.42.
The stock has tumbled more than 50% since April. The company went public in June 2003 at $19 a share.
The real estate investment trust owns the 72-story U.S. Bank Tower, the tallest building on the West Coast, as well as seven other downtown high-rises, 16 buildings in Orange County, eight other Southern California buildings and Denver’s Wells Fargo Center.
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